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Derivatives

Barclays Capital Bolsters U.S. Equity Biz With Trading Hire

Barclays Capital has hired Thierry Lucas, head of equity trading at Dresdner Kleinwort Wasserstein in New York, in a new position to head its equity derivatives trading operation in the U.S.

Barclays Capital has hired Thierry Lucas, head of equity trading at Dresdner Kleinwort Wasserstein in New York, in a new position to head its equity derivatives trading operation in the U.S. The move follows the recent hire of Philippe El-Asmar, from SG Corporate & Investment Banking (DW, 3/28), to head up a structured products group based in New York.

Barclays Capital sold its equity business to the Credit Suisse Group in 1997. Despite plans to retain a presence in equity derivatives after the sale (DW, 10/13/97), the firm never had more than a skeletal trading operation, according to market officials. Dixit Joshi, global head of equity derivatives trading in London, conceded that Barclays did not have much of a presence in equity derivatives trading in the U.S. but vowed to redress the situation. "Barclays is expanding rapidly in the U.S. and we see good opportunities for growth right now," he added.

Lucas is expected to report to Franck Lacour, head of volatility trading in London. A official close to Lucas said he is expected to spend some time in London before moving to New York to begin his new role. Lucas was on holiday at press time and Lacour did not return calls. Karen Laureano-Rikardsen, spokeswoman at Dresdner in New York, declined comment on his replacement.

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