Credit Agricole Indosuez plans to set up a global structured products desk in New York and will hire a team of eight to 10 staffers, including traders and structurers, as well as a head for the business. Industry officials familiar with the firm's plans noted the French manager has been planning the launch for some time, but has experienced delays in getting board approval. Credit Agricole is now waiting on licensing approval by regulators, which is likely next month.
Industry officials familiar with the firm's plans said the new business will target large global clients. The firm envisages offering a wide range of structured products including collateralized debt obligations, mortgage-backed securities and asset-backed securities.
Loic Fery, head of global credit structuring in London, declined comment and Jean-Michel Beacco, global head of credit in Paris, to whom the head of the New York operation will report, did not return calls.
