Dresdner Creates Equity Committee In US; Equities Chief Resigns
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 Laureano-Rikardsen.
"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.