Brian Grover, v.p., equity derivatives sales focusing on hedge funds at J.P. Morgan in New York, has taken the new position of director, head of over-the-counter equity derivatives sales to institutional investors at Credit Suisse First Boston.
CSFB is looking to broaden and deepen its relationships with institutional investors, said Tim Bock, managing director, head of equity derivatives marketing for North America in New York. The bank's institutional equity clients are growing more sophisticated in their use of equity derivatives. The market has grown significantly more liquid over the last several years, leading to narrower bid/offer spreads, he added. Grover said he took the position because it represented a step up in terms of his responsibilities. He declined comment on the extent to which his departure was related to the merger between J.P. Morgan and Chase Manhattan.
An official familiar with both firms noted that Grover has worked extensively with institutional investors, and CSFB has a bigger institutional client base in equity derivatives than J.P. Morgan. A spokesman for J.P. Morgan declined comment.
