Adam Friedman, equity derivatives marketer at J.P. Morgan in New York, has taken the new position of managing director, equity derivatives marketing to corporates at Bear Stearns in New York. The hire was opportunistic, said Don Martocchio, senior managing director and global head of equity derivatives sales in New York, adding that Bear Stearns has been look to up headcount in this area for some time. Friedman, who reports to Martocchio, is a senior member of an existing team of corporate equity derivatives marketers.
Although the U.S. equity markets have been on a downward trend, the firm has not seen a corresponding downturn in its equity derivatives business, Martocchio noted. Clients are now more inclined to hedge or try to monetize assets to diversify risk. "In general, derivatives tend to be an active business in up or down markets," he said.
