Jérome Camblain, senior managing director and European head of fixed income distribution and derivatives at Bear Stearns in London, will retire from the firm in late spring to spend more time with his family. Peter Albano, senior managing director and global head of emerging markets in New York, is moving to London to take Camblain's responsibilities.
Camblain reported to Michel Péretié, head of international fixed income and derivatives and a member of the executive committee of Bear Stearns International in London. Péretié said he is disappointed Camblain is leaving the firm because he is a friend as well as a colleague. Péretié first hired Camblain to set up a market making operation on the Matif for Paribas in 1987.
Albano will maintain his role as global head of emerging markets, but will not take over Camblain's duties as head of equity derivatives sales. That role will report jointly to Péretié and Nicolo Brandolini, head of institutional equity. Péretié said the firm decided to do this because Albano's skills are purely fixed income whereas Camblain had also held equity derivatives sales and management roles. Bear Stearns watchers said Albano is a great choice as he is a 10-year veteran who has access to top Bear Stearns' decision makers, but pointed out his weak point is his lack of European sales experience. Péretié said Camblain is staying at the firm until spring to introduce Albano to clients and pass on Europe specific knowledge.