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Derivatives

Merrill Nabs Senior Goldman I-Rate Marketers

Merrill Lynch has hired two senior interest-rate derivatives marketers from Goldman Sachs for its strategic solutions group--its specialized derivatives distribution operation. David Covin and Chris Matchett have joined Merrill in New York as managing directors and co-heads of interest-rate derivatives sales to investment advisors and hedge funds. Covin could not be reached and Matchett declined comment.

The hires come at a time when the strategic solutions group has been reshuffled and is now broken down into seven distinct groups, one of which is investment advisors/hedge funds, according to a firm official.

At Merrill the duo reports to Keith Jacobson, managing director and head of the strategic solutions group in New York. He confirmed their hires but referred further queries to Michael Duvally, a firm spokesman. The tweaking was announced internally earlier this month. Duvally declined to detail the previous structure, except to say it will strengthen Merrill's industry focus.

Harvey Schwartz, head of interest-rate derivatives marketing at Goldman Sachs in New York, and John Eisenberg, head of corporate marketing, did not return calls.

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