Citigroup in London has hired Mikael Benguigui, v.p. in equity derivative sales to France, Belgium and Luxembourg at JPMorgan, as director with responsibility for a new sales effort focusing on equity derivatives to the same countries. Frederic Melka, from the structured product desk at French broker Exane, has also joined the team as v.p. Previously, the general equity sales team covered France. Al Plattner, head of structured products, said France was a gap in Citigroup's European sales coverage and the U.S. house had been looking to fill it.
At Citi, the pair will report to both Plattner and Steffen Klein, head of European institutional sales. Market officials said Benguigui will likely add one or two further sales staff to the group at the beginning of next year. "We will take it gradually," said Klein. "If the desk proves to be successful, as I'm sure it will, we will look to expand," he added.
