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Derivatives

Merrill Co-Head Steps Down

Mike Pavelec, co-head of interest rate sales at Merrill Lynch in New York, which includes interest-rate derivatives sales, is moving to Atlanta, Ga. for personal reasons and is relinquishing his co-head role as part of the move. Pavelec said he will continue to work for Merrill in Atlanta as a senior salesman.

"In my various management positions I have always been a producer and I have enjoyed working with clients," Pavelec said. Dave McCarthy, who co-heads the activity alongside Pavelec, will take over as the sole head, according to an official familiar with the changes. McCarthy referred calls to Michael DuVally, spokesman in New York, who declined comment.

McCarthy is based in Boston, but will likely spend more time in New York as a result of the change, noted the official. Jason Brand, head of the global investor client group, to whom Pavelec and McCarthy report in New York, did not return calls.

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