Merrill Lynch is reorganizing its equity derivatives trading business, following the departure of Steven Phan, one of the group's London-based managing directors who had responsibilities for fund-lined structures, correlation and global sectors trading (DW, 1/24).
Fayez El Hicheri, a trader on the fund-linked team, will take over as head of fund-linked trading and Phan's correlation and global sectors trading duties will be divided between Mat Porter, head of exotic index trading, who takes on stock correlation trading and Andy Song, head of vanilla index trading, who will now also cover global sector trading. Daniel Cangemi, a trader who worked for Porter, will replace him as head of exotic index trading. A firm official confirmed the moves.
Chris Vogelgesang, head of equity-linked trading at the U.S. house, declined comment. Patrick Meyer, spokesman for Merrill in London, did not return calls.
