JPMorgan is reorganizing equity derivative flow sales in London under new hire Adrian Valenzuela, who previously headed flow sales at Merrill Lynch. According to an internal memo, the firm is combining hedge fund sales and institutional sales, as well as planning to double the size of its business over the next three years, in a bid to strengthen the business. The existing Europe, Middle East and Africa hedge fund flow sales team, headed by Cyril Levy-Marchal, and asset managers team, headed by David Sagnier, will be folded into a combined group headed by Valenzuela, who will join in May (DW, 2/23). Further details of the plans could not be determined and calls to JPMorgan officials were not immediately returned.
JPMorgan has also reshuffled its institutional structured equity business, combining it with the credit and rates teams (DW, 2/9).