Walter Gontarek, a stalwart of the credit derivatives market and formerly global head of structured products marketing at RBC Capital Markets in London, is planning to launch a credit derivatives business. Gontarek, who resigned from RBC three weeks ago, will focus on high-grade assets.
Gontarek, reached on his cell phone, said there is a gap in the market to bring value to low volatility assets. "There is demand for an operating structure which will manage very senior, high-grade synthetic credit assets in a leveraged vehicle," he said, adding, "This is even more essential in Europe because of the onset of Basel II and IAS 39 next year." The business will be based in London with a view to expanding globally, Gontarek noted.
Market players said Gontarek, who, previous to RBC, led TD Securities' credit derivatives operation, has the necessary skills and industry links to build a new business. He will be able to build on relationships and has the financial custom to weather any storm in the first few years.
Gontarek joined RBC in 1999 and built the firm's synthetic credit desk. Jane D'Amico, spokeswoman for RBC in London, said Rob Pomphritt has taken over Gontarek's structured credit duties while his marketing role has been filled by the firm's regional heads, Avril Pomper in Europe, Chuck Powis in New York and Lynne Jones in Asia.
