Lehman Brothers is parachuting in Benoit Savoret, head of equities for Asia-Pacific in Tokyo, in a newly created role as head of European equity trading for both cash and derivatives to beef up its London-based operation. Lehman is reportedly revamping its equity derivatives business after plummeting global stock markets have resulted in a dismal year for equity desks, according to rivals. Francois Pham-Quang, head of European equity derivatives sales, who officially resigned last Friday but signaled his intention to leave last month, said the firm has decided to bring in Savoret to devote a senior manager to the group, in which he was the only managing director in the group.
Savoret did not return calls and Jessica Shepherd-Smith, spokeswoman in London, declined to comment on the reason it is bringing in Savoret, who will transfer at year end.
In a further change to its European equity derivatives operation, David Bizer, a senior equity derivatives salesman in New York, has transferred to London to become head of European equity derivatives sales, replacing Pham-Quang. Bizer referred calls to Shepherd-Smith. Siggi Thorkelsson, head of derivatives trading and risk management, also transferred to London earlier this year from New York, where he was head of structured trading. Locally, Bizer and Thorkelsson will report to Savoret. Bizer also reports to Dave Gittings, head of global derivatives sales in New York, and Thorkelsson will continue to report to Jerry Donini, head of global volatility trading in New York. Previously, Thorkelsson and Pham-Quang reported directly to Roger Nagioff, co-head of global equities in London. Donini referred calls to the press office and Gittings and Thorkelsson did not return calls.
One market official explained that Savoret had done an excellent job in Tokyo, which has precipitated his move to Europe. "Any guy who goes to Japan is a 'head in the making'," he said. Asia is a good training ground for star bankers as they are forced to knock down doors to do business, he explained.
Savoret will report to Nagioff and Robert Shafir in New York, according to Shepherd-Smith. Nagioff and Shafir did not return calls.
Tim Throsby, head of the Asia derivatives business at Goldman Sachs in Tokyo, will replace Savoret. Throsby could not be reached by press time.
