Credit Suisse First Boston has hired Rick Selvala, an equity derivatives marketer from UBS Warburg, to sell over-the-counter products to retail and corporate clients, according to Michael Crooks, managing director and head of hedging and monetization at CSFB in New York. Selvala started at CSFB a couple of weeks ago. "This is a way to bolster our sales force," Crooks said, adding the hire is an indirect replacement for Amy Yamamoto, an equity derivatives marketer who resigned from CSFB earlier this year (DW, 3/2). Crooks said CSFB will make new hires on an opportunistic basis, declining to be more specific.
The move is somewhat of a coup for CSFB, according to one equity derivatives headhunter, who said, "They are not in the same league with UBS when it comes to the high-net-worth area, and [Selvala] was the core of the team." She added: "It's a big hit."
Selvala was travelling on business and unavailable for comment. At UBS, he reported to Jeff Sparks, managing director of equity risk management, who was out of the office last week. He and Gale Herzing, executive director of equity risk management, did not return calls.
