BNP Paribas is relocating Francois Carnet, Asia head of equity derivatives in Hong Kong, to New York in the coming weeks in a move that is seen as an effort to revive the firm's U.S. operation. Carnet will replace Vuk Bulajic, head of U.S. equity derivatives in New York, who resigned on Wednesday. It could not be determined by press time whether Bulajic was pushed aside or left of his own accord. Carnet declined comment and Bulajic could not be reached. A spokeswoman in New York was unable to provide a comment by press time.
"It's no secret that BNP is not a major player in equity derivatives in the U.S.," said a BNP insider. "We want this to change. We're going to develop this business." An official at the firm in Asia said BNP has concluded that is wants to join the ranks of its larger European rivals, such as Deutsche Bank and UBS, which generate a significant amount of their revenue in the U.S.
BNP Paribas is reasonably strong in the institutional market but lacks corporate relationships in the U.S., according to a headhunter familiar with the firm. He questioned how effective the change of management would be and opined that the firm is not likely to become a first-tier player.
Laurent De Meyere, head of fund derivatives trading at BNP in Paris, has moved to Hong Kong to assume Carnet's responsibilities. De Meyere declined comment.
