Banc of America Securities has hired Alan Grumet, v.p., corporate equity derivatives marketing at J.P. Morgan in New York, in the new position of principal, structured products. Trained as a lawyer, Grumet has done extensive work with tax and accounting products. The bank hired him because clients always demand new structures, said Chris Innes, managing director and global head of marketing for equity financial products in New York. "We would have hired him last year, if we could have," conceded Innes. Grumet reports to Innes and Trevor Ganshaw head of convertible capital markets.BofA Securities was attractive because of its client platform, depth of corporate relationships, and quality of talent already on the team, said Grumet.
At BofA, Grumet will be focusing on a broader client base, including institutional investors and high-net-worth individuals. He will work on public and private deals, said Innes.
At J.P. Morgan, Grumet reported to Kelly Cesare, head of U.S. corporate equity derivatives marketing, with a dotted line to Peter Holland, head of U.S. equity derivatives marketing. Cesare declined comment. Holland did not return calls.
