Westdeutsche Landesbank has merged its equity derivatives and fixed income groups in Tokyo. Kei Mitsui, head of distribution in Tokyo, said the move follows the firm's closure of its cash equity business earlier this year. Mitsui said that salesmen from the fixed income side are now cross-marketing fixed income and equity products to corporates while specialists from the equity group are concentrating on securities firms.
Mitsui expects the firm to hire additional staffers for the new group, dubbed Global Financial Products. Traders will continue to report to Robert Brennan, head of derivatives in Tokyo. Brennan was traveling and could not be reached.
