Mal Brooks, managing director and head of cross-rate sales at Deutsche Bank in New York, has bolted to head up UBS Warburg's new cross-rates business in Stamford, Conn., according to an official at Deutsche Bank. The firm started its cross-rates initiative in January to offer customers a package of risks made up of swaps, agencies and government bonds from a single desk (DW, 1/27). Brooks, who established Deutsche Bank's cross-rates desk in New York last year, joined last Tuesday. He reports to Michael Ice, head of North American interest-rate derivatives marketing and structuring in Stamford. Brooks and Ice did not return calls.
Interest-rate pros and headhunters in New York said Brooks is an important figure in the market and has been in the business for more than a decade. "This was a good pick up for UBS. Brooks played a pivotal role in setting up Deutsche's cross-rates operation," said one New York-based interest-rate salesman. While at Deutsche Bank, Brooks reported to Suzanne Cain, head of interest-rate and credit derivatives marketing in New York.
