Merrill Lynch has promoted Michael Freda, co-head of U.S. portfolio trading in New York, to head of portfolio trading for the Europe, Middle East and Africa (EMEA) region. Michael Stewart, head of global portfolio trading, has been running the EMEA desk since Zach Tuckwell's departure in March for Dresdner Kleinwort Wasserstein. Stewart said, "I wanted to take some time to get to know the desk and find the right person for the job."
Freda joined Merrill Lynch last year having worked at Salomon Smith Barney for 10 years where he was a senior portfolio trader. He will report locally to Tom Wright, head of equity cash trading, and globally to Stewart.