Deutsche Bank has boosted its credit derivatives effort with hires in trading and structuring. Aelisa Kim Cipriani, director in the CDO team at Morgan Stanley in London, started Monday as a director in collateralized debt obligation structuring, according to Jeffrey D'Suza, head of European collateralized debt obligation business in London. This is a new position, he said, adding the department is growing in response to increased demand for structured products. Deutsche Bank also transferred Michael Furtado, a lawyer in the firm's legal department, to the CDO team. Furtado said he will focus on the execution and structuring of CDOs.
Deutsche Bank also hired Mark Stainton, correlation trader at J.P. Morgan, to take a new position. The most common types of correlation derivatives are first to default and first loss baskets, said Antonio Di Flumeri, managing director and global co-head of investment grade credit derivatives trading at Deutsche Bank in London. Stainton, who started Monday, said he moved to Deutsche Bank because it was a step up personally, from v.p. to director, and he rates the distribution channels of the European investment bank more highly.
Di Flumeri added Deutsche Bank plans to hire another two correlation traders in the London team, taking the headcount to five. Deutsche Bank is building up the team to meet growing customer demand for credit derivatives. The firm is able to supply more of these products because its plain vanilla flow business has increased, which provides more liquidity to structure exotic products.
