A trio of equity derivatives structurers at Dresdner Kleinwort Wasserstein in New York is joining TD Securities. The defection of the team, headed by Rolando Hermoso, appears to sound the death knell for Dresdner's efforts to establish a presence in the U.S. structured equity derivatives market, according to rivals. Hermoso and Karen Laureano-Rikardsen, a spokeswoman at Dresdner in New York, declined comment.
Joseph Hegener, vice chair at TD Securities in New York, said the firm has been looking to hire equity professionals since a reorganization last year (DW, 11/11). The new hires will work to develop novel, investor-orientated structures for corporate clients, he added.
In addition to Hermoso, the team joining TD consists of Nicholas Gunther and Marc Holtz, senior structurers. The fate of Doug Hiscano, a senior equity structurer who has also left Dresdner, could not be determined by press time. Hiscano did not return calls, while Gunther and Holtz could not be reached.
Dresdner hired Hermoso, Gunther and Holtz from CDC Capital in May 2001 in an effort to break into the business. Rivals said Dresdner never made much of a splash in structured equity and doubt the firm will attempt to rebuild this franchise. Another official familiar with Dresdner countered that the firm will try to rebuild.
One Dresdner insider attributed the team's downfall to the ascendancy of Craig Schiffer, head of capital markets, who assumed the responsibilities of Ulrik Trampe, executive v.p. of global equities in North America, when the latter left the firm and global equities was combined with fixed income. Schiffer did not return calls.
