Joachim Willnow, co-head of the recently created structured solutions group at Merrill Lynch in London, has left the firm just two months after it merged its credit and equity marketing teams. Willnow, previously head of equity structured products, was named co-head of the group in February with Stefan Guetter, previously responsible for debt structured products (DW, 2/22). Guetter referred calls to corporate communications. Willnow did not return calls to his cell phone. The reason for his departure could not be determined.
Willnow is well-regarded by his peers and clients. Equity product distributors agreed that Willnow and the Merrill marketing team are strong players, particularly in continental Europe. In the U.K. they noted Merrill's strength is in institutional sales, however, and it has not made the same impact on the retail market.
The immediate reaction of one former employee was, "It looks like fixed income is taking over equity." Robert Corrigan, spokesman at Merrill, however, disputed that contention. "Merrill Lynch is very committed to the equity-linked business as our recent hires on the marketing side have indicated (DW, 12/5)," he said. The firm is in the process of hiring equity derivatives professionals, mainly on the trading side, Corrigan continued, declining comment on Willnow's replacement.
One market official said Merrill is likely to replace Willnow with a dedicated equity professional because it is in the process of beefing up its equity presence.
