ABN AMRO is creating a group to build a retail distribution network for structured derivatives products to the whole of Europe. The firm has hired Henrik Takkenberg, head of public distribution for the covered warrant effort to Belgium, the Netherlands, Spain and Sweden at Commerzbank Securities in London, to establish the desk in London.
Stephan Kunze, head of private client distribution within the structured products and equity derivatives group at ABN in Frankfurt, explained that the firm's retail network in Germany, Italy and Switzerland will give it access to those countries. In addition, one of Takkenberg's roles will be to attract third party distributors to sell structured products to retail investors across Europe.
The driver for the change is an overall ABN policy to actively expand its franchise in Europe, Kunze said. He added that although the new European Union regulation, known as the Undertaking for Collective Investment In Transferable Securities III, will make derivatives available more widely to mutual fund investors, it is not the impetus for the move.
Kunze added that he worked with Takkenberg at Commerzbank for about six years previously, which was one of the reasons for bringing him over to the group. Takkenberg confirmed the move and said that one of the reasons he decided to join ABN is that his role will be much broader than his listed derivatives role at Commerzbank.
Takkenberg will begin building the business and then the firm will finalize staffing plans, explained Kunze. Takkenberg confirmed the move and referred further comment to Kunze. Neil Brazil, spokesman at Commerzbank Securities in London, declined comment.
