Deutsche Bank has created a global cross-asset class sales team to market derivatives to retail and high-net-worth clients. Johan Groothaert, previously global head of the structured and investment products group in London, will head the new venture, called the investment products group. Groothaert and Stephanie Smart, spokeswoman for Deutsche Bank in London, declined comment.
In Asia, Ken Sue, former head of the structured and investment products group in Hong Kong, is spearheading the integration of the new unit. He said, "We now have a formal mandate to deliver all asset classes within the global markets division." He said the new structure coordinates the bank's various private banking and retail teams into one unit. "The investment products group covers all asset classes that the bank delivers to retail customers from its global markets platform--encompassing equities, rates, fx, commodities, credit and fund derivatives," he said.
The creation of a single retail sales team follows a reorganization in September, which combined the equity group with rates, credit, foreign exchange and commodities.
The unit will focus on private and commercial banks as well as securities companies for structured products issuance and listed warrants. A Deutsche Bank insider explained combining each asset class' retail sales teams means it will avoid duplicating infrastructure and know-how.
Several other derivatives houses, including Merrill Lynch (DW, 2/22) and ABN AMRO (DW, 12/3), have formed similar cross-asset sales groups in the last year.
