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Derivatives

Swiss Re Taps Lehman For Equity Derivatives Buildup

Swiss Re Capital Management and Advisory is gearing up for a push into the equity derivatives market and has hired two managing directors from Lehman Brothers in New York to spearhead the move.

Swiss Re Capital Management and Advisory is gearing up for a push into the equity derivatives market and has hired two managing directors from Lehman Brothers in New York to spearhead the move. Llewellyn Connolly, co-head of equity derivatives at Lehman, and Matt Hansen, head of U.S. structured products sales, have joined as co-heads of Swiss Re's equity and equity-linked business, reporting to Phil Lotz, ceo.

An official at a rival firm, commenting on the hires, said, "Swiss Re is not just creeping into the business. It's a major splash and gives them instant credibility." The reinsurer must have an attractive plan for its equity derivatives business to have pulled the two top staffers away from Lehman, the official added.

Swiss Re launched an equity derivatives proprietary trading desk in New York last year and hired Matt Nadel and Leonardo Mayer, prop traders with JPMorgan, to run it (DW, 5/2/2004). Connolly and Hansen have been brought in to expand the equity derivatives business, said spokeswoman Alayna Tagariello, adding the co-heads will cater to institutional clients and are responsible for the development, origination, structuring and sales of equity and equity-linked products. Nadel, a senior v.p. and head of equity derivatives trading at Swiss Re, will continue to run the trading desk, she added. Connolly, Hansen and Mayer referred calls to Swiss Re's press office and Nadel did not return calls.

Connolly and Hansen are working with Nadel on the details of how to restructure and expand the business. With the addition of the Lehman duo, Swiss Re's equity derivatives group numbers seven, but she declined comment on what types of products it will focus on.

Lehman spokeswoman Kerrie Cohen could not confirm who Connolly and Hansen reported to by press time, or whether they have been replaced.

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