ABN AMRO in London plans to add three senior sales professionals to its Italian credit distribution team. Alberto Matta, who joined last month as head of distribution to Italy from BNP Paribas, is looking to hire one professional each for government bonds, structured rates and structured credit by year-end.
Matta noted that retail investment in structured credit in Italy is currently on hold because of regulatory restrictions and as a result retail clients seem to have re-discovered a taste for structured rate products. Nevertheless, institutional investors continue to be attracted by structured credit products because low interest rates and tight credit spreads have created a difficult operating environment for money managers.
Hires of another three juniors will follow next year, Matta predicts, with a target team size of 12-14. "There are only two or three investment banks with a strong presence in Italy, and ABN AMRO is gearing up to be the top player in that market," he said.
