Barclays Capital has lured Philippe El-Asmar, head of retail sales at SG Corporate & Investment Banking in New York, to set up a U.S.-based fund-linked instrument team. While Barclays already offers some fund-linked business in the U.S. from London, this will be the first time the dealer has had a dedicated presence in the U.S., according to officials. El-Asmar, who could not be reached for comment, is well regarded in the industry and his hire is widely regarded as a coup for the U.K. firm. El-Asmar previously headed SG's equity derivatives structuring team for the Americas before taking on the sales responsibility last October (DW, 10/6).
Fund-linked derivatives have evolved over the past year into one of the hottest areas of equity derivatives. Deutsche Bank, one of the largest houses in the European structured products market, started beefing up its U.S. effort earlier this year. Although still largely seen as a U.K., rather than an international bank, Barclays is quickly establishing a major U.S. presence in areas such as credit derivatives. One New York-based rival quipped, "It's the new Deutsche Bank," referring to its transformation from a retail outfit into a burgeoning investment bank.
El-Asmar, who has not yet started at the firm, will be responsible for hiring a team and building the business, said officials, although it could not be determined how many he will hire. Kristin Friel, spokeswoman at Barclays in New York, did not comment and Jim Galvin, spokesman at SG, declined to comment.
