Dresdner Kleinwort Wasserstein has integrated its
portfolio trading group into its U.S. equity operation and formed a
committee comprising four U.S. equity heads briefed with
formulating a strategy to develop and grow the firm's U.S. equity
franchise. Meanwhile Tim Clorite, global head of portfolio
trading and head of U.S. equities in New York, has exited the firm,
said Karen Laureano-Rikardsen, spokeswoman in New York.
Tom Jardine, head of U.S. distribution of derivative
products and programs, is taking over Clorite's portfolio trading
responsibilities as global coordinator for portfolio products, in
addition to being a member of the committee.
Laureano-Rikardsen declined to comment on reasons behind
Clorite's departure, noting only that the resignation came after
the committee was established and that he had been offered another
role in the firm. Clorite could not be reached.
By establishing the committee, senior management hopes to more
effectively home in on which products and areas have the most
potential, said Laureano-Rikardsen. The committee will evaluate all
equity product areas, including those of equity derivatives, she
said. Drew Gilbert, head of trading and risk management for
equities and equity derivatives, Fred Bond, head of equity
sales and trading, and William Bristowe, head of equity
sales, are also members of the committee, said
"The new committee structure in New York allows us to focus our
marketing efforts and distribution of all equity products to out
U.S. client base. A top priority for the portfolio trading group is
the integration of the products into our global distribution
network. We continue to make significant progress on this front and
look forward to further growth," Jardine said.