Bear Stearns has hired Robert Canning, former managing director responsible for derivatives sales to U.S. based financial institutions at Bankers Trust, as a managing director in the derivatives marketing and sales group in New York. Canning will also take the new position of head of derivatives sales and marketing for U.S. agencies, according to Peter Croncota, global head of fixed income and credit derivatives sales and marketing in New York. The three person U.S. agencies sales team originally reported directly to Croncota but the firm decided to create the new position because the department has recently grown and wants room to grow further as volumes increase.
Canning said he left the derivatives markets two years ago to set up a private real estate business. "I decided to come back because I missed the stimulation and interaction of the business," he added.
The sales and marketing department has hired nine professionals in the last several months including Michael Koegler from J.P. Morgan Chase, Patricia Carlo from J.P. Morgan and Edward Somekh from Merrill Lynch. Koegler and Carlo are co-heads of derivatives marketing to financial institutions and Somekh heads corporate marketing.
