Luigi Grasso, managing director and head of Italian credit derivatives sales at Bank of America in London, has left to join Nomura International as a senior derivatives marketer to Italy in London. Grasso said he resigned because BofA reorganized the global derivatives sales group along product, from regional lines. "The reason why I'm moving is that Nomura will allow me to pursue the way the business should be developed in Italy," he said.
Grasso reported to Brian Heyworth, head of global market sales in London, who referred questions about Grasso's departure to Rhiannedd Jones, spokeswoman for BofA in London. Jones said it is the firm's policy not to comment on former employees.
Heyworth confirmed, however, that the firm has recently shifted the sales group to a product focus from a regional focus, splitting coverage between interest rate derivatives, global structured products--which includes fund of funds and tax trades--foreign exchange and credit/fixed income. The change was implemented because the group's sales team was trying to sell too many different products to too broad a client base. However, BofA will still have some regional sales personnel within the groups, who will act as an overlay to the primary product teams, he added.
At Nomura, Grasso will report to Gian Ameri, head of southern Europe sales, which includes cash and derivatives products, in London. Ameri said Grasso is expected to join the firm Dec. 10 and will be broadening Nomura's derivatives distribution in Italy.
