Merrill To Beef Up Correlation Trading

Merrill Lynch reportedly has hired Naresh Malhotra, head of correlation trading at UBS in New York. Terez Hanhan, Merrill spokeswoman, andKris Kagel, UBS spokesman, did not return phone calls. The move follows additions in London, including the hire of Paul Levy, co-head of credit structuring, from Deutsche Bank (DW, 2/17).