Dresdner Kleinwort Wasserstein has reorganized its alternative investments group, following the departure of Mehraj Mattoo, managing director and global head of the group in London. The group has now been merged into structured and alternative investments, whereas previously it was part of equity derivatives.
Andrew MacCormack, who joined the firm from JPMorgan in the summer, takes on Mattoo's responsibility, reporting to Neil Winward, global head of structured and alternative markets in New York. Winward confirmed the change.
MacCormack has made new hires to the group, said Winward, declining comment on whether these are new positions or replacements. He was unable to immediately comment on names or numbers of hires. According to officials close to Dresdner, Mattoo signaled his intention to depart when the reorganization was first announced at the end of the summer, but stayed until the end of last month to ensure a smooth transition.
Dresdner's fund-linked business is one of the largest on the Street, behind only SG Corporate & Investment Banking's Lyxor managed accounts and BNP Paribas. One market official estimated DrKW runs over USD10 billion in hedge funds through its fund-linked group. Winward declined immediate comment on assets under management.
Mattoo joins a slew of recent high-ranking departures, which include David Wenman, global head of equity products (DW, 9/9) and Chris Seery, co-head of structured and alternative markets (DW, 8/05).
