Commerzbank Securities has created a new department, dubbed corporate risk and capital structure, to integrate the research, sales and trading of all asset classes, including derivatives, capital markets, equity brokerage and foreign exchange. The firm has named Ricardo Pascoe, head of the U.S. investment banking business in New York, and head of the global group in London. The new structure went into effect last month.
Bringing all the products into one platform can allow the bank to be more competitive on new structured products because it puts all of its financial engineering into one place. "There has been a vision to do this for a long time, but current market conditions make it imperative," he added. For asset managers, for example, it is important to pay attention to all asset classes. "If they are just looking at equities, they are missing a big part of the story."
Mark Eban is global head of capital markets, Dereck Rock is global head of equities and Mark Richardson is global head of derivatives. The bank is still looking for a global head of foreign exchange options to replace Edward Voorhees, who left the firm a few months ago. Pascoe has taken over Voorhees' responsibilities in the interim. Pascoe said. Pascoe, along with Eban, Rock and Richardson, report to Mehmet Dalman, management board member responsible for Commerzbank Securities.
One important change within the new group is the inclusion of foreign exchange in the investment banking business, according to Pascoe. Previously it was included in the treasury department of the bank. "What was missing was fx; now we can offer the whole platform to clients," Pascoe said.
