Commerzbank Securities plans to expand its equity derivatives offerings and begin selling exotics such as correlation and volatility trades to the hedge fund community as part of a broader restructuring in its internal derivatives salesforce. Sam Gottesman, head of derivatives distribution for the Americas in New York, said the initiative to move into exotics follows the hire of Michael Belbeck, a senior equity derivatives marketer and structurer at Credit Suisse First Boston in New York, as a senior hedge fund salesman who will focus on selling equity derivatives.
Commerzbank reorganized its derivatives sales team in the spring to focus on client lines rather than asset classes and Belbeck joins a hedge fund-focused group. Belbeck, who started work at Commerzbank earlier this month, referred further queries to Gottesman. Belbeck reports to Kumar Doraiswami, co-head of global hedge fund distribution in the derivatives department, who declined comment.
At CSFB, Belbeck reported to Tim Bock, head of equity derivatives marketing for North America. Bock declined comment.
