Barclays Capital has combined interest-rate and credit sales teams and the shake up has seen the departure of two senior credit staff. As first reported on DW's Web site, Graeme Anderson, managing director and head of European credit sales, has gone. He has now been followed by Mark Holman, managing director covering U.K. bank sales. The merger has been in the pipeline for some time, but has just been announced internally.
Credit officials said the amalgamation is in line with a growing trend for firms to integrate derivative marketing across asset classes, particularly in the structured arena, but that Anderson's departure is a blow. He had risen quickly through the ranks at BarCap and with 70 staffers under him ran one of the best sales forces in the business, said one banker.
The new institutional sales desk will be headed by senior flow rates salesman Nick Howard who has been promoted to the new role. Anderson will not be directly replaced and Howard will take responsibility for credit, said Antonia Sharpe, spokeswoman in London, declining to name the number of staff in the combined group. Howard was on vacation and not available for comment.
Holman told DW he will launch his own asset management firm, but plans are in the early stages and he did not provide details. He reported to Anderson who in turn worked under Guglielmo Sartori di Borgoricco, head of global distribution, who was traveling and could not be reached. Anderson, reached on his cell, said he is taking time out and isn't headed anywhere.
