Henry Schmeltzer, executive director of structured credit trading, has joined Merrill Lynch as head of structured credit products for Europe, Middle East and Africa in London. The position is part of an expansion to the team, according to a spokesman, who declined further comment.
A headhunter estimated the job would come with a USD1 million compensation package. Schmeltzer will report to Glenn Barnes, global co-head of credit derivatives at Merrill Lynch in London. Barnes referred all comment to the press office. Schmeltzer could not be reached.
The hire is a coup for Merrill, according to a London-based credit derivatives professional, since Schmeltzer is known for his structuring ability. "He has a strong legal background and good commercial sense, which is a powerful combination in this business." The headhunter expressed surprise that Merrill would make the hire in the current penny-watching environment and predicted the deal may have been on the cards for a while.
An official at Lehman Brother declined comment.
