Lehman Brothers has hired Adrian Valenzuela, head of hedge fund marketing at Morgan Stanley in London, to manage the equity derivatives flow sales business in London. In addition, Michael Ward, equity derivatives salesman at Deutsche Bank, will join Lehman to market equity derivatives in London and report to Valenzuela, said Mary Matthewson, spokeswoman in London. Valenzuela will report to David Bizer, European head of equity derivatives sales and research in London, who declined comment. Valenzuela confirmed the move.
Both positions are new and an individual familiar with the situation said the hires are part of Lehman's efforts to expand its flow derivatives presence in Europe. The growing sophistication of clients to run actively managed portfolios with derivatives is generating demand for flow products, said the official. Valenzuela and Ward will market products to all types of clients, but will focus on hedge funds.
At Deutsche Bank, Ward reported to Jason Good, head of institutional derivatives in London. Good declined comment. Ward had not started at the firm and could not be reached.
