Ross McIntrye, manager in the weather derivatives group at Enron in London, resigned last week to join Deutsche Bank's nascent weather derivatives group. McIntrye will report to David Pearse, who heads the weather derivatives desk at Deutsche Bank in London. Officials familiar with the move said McIntrye's contract requires him to stay out of the market for three months. However, Enron is believed to be considering revoking this clause to speed up Deutsche Bank's fledgling effort in order to boost liquidity. Deutsche Bank is one of the largest banks to start a weather desk (DW, 5/20).
Thor Lien, v.p. in the weather derivatives group at Enron Europe in Oslo, said McIntrye did a good job, adding that he will be replaced. Lien welcomed Deutsche Bank's entry into the weather market, declining comment on the terms of McIntrye's gardening leave. Officials at Deutsche Bank declined comment.
