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Derivatives

JPMorgan Plots Global Retail Structured Desk

JPMorgan is reorganizing its derivative sales forces to create a global retail-focused cross-asset class group.

JPMorgan is reorganizing its derivative sales forces to create a global retail-focused cross-asset class group. It is also looking to hire a global head for the team who will be based in London.

The group will be created by directing existing equity derivative marketers to focus on retail sales, and allow them to market structures from other firm divisions that are sold to high-net-worth individuals and retail investors. Institutional sales will come under the management of fixed income and credit sales.

In London this means fixed income marketing heads Marc Badrichani,Ian Wilson and Andrea Vella will handle institutional equity sales, while Beat von Gunten, who has been responsible for equity derivatives marketing for institutions as well as retail, will now join the retail cross-asset class group. Von Gunten, Badrichani, Vella and Wilson did not respond to messages and Brian Marchiony, spokesman for JPMorgan in New York, declined comment.

In Asia, JPMorgan has already hired John Robson from Nomura to head Asian retail cross-asset class sales (DW, 2/5). It could not be determined how the group would pan out in the U.S., where selling structured derivative-based investments to individuals is a small business compared to Europe and Asia.

JPMorgan focuses its retail equity-linked business through third-party distributors such as local banks, financial advisors and its private bank. Adding other asset classes into the mix could boost sales and reflects the growth in structured investments that combine derivatives from more than one asset class.

The reorganization may, however, be interpreted as JPMorgan's fixed income and credit businesses taking over equity derivatives, said one City official. He noted similar reshuffles at other firms have led to political maneuvering and departures from equity officials that don't want to work under fixed-income counterparts.

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