CDC Ixis Capital Markets is launching a convertible arbitrage trading book and plans to begin trading within the next three months, according to a firm official. The firm plans to set aside USD250-300 million of capital for the trading book. The desk will use credit derivatives, interest-rate swaps and equity options.
As part of the move CDC has hired Quincy Evans, convertible arbitrage trader at Goldman Sachs in New York, in a similar role. Evans and one other convertible arbitrage trader, whom the official declined to name, will be spearheading the trading effort.
Evans, who joined the firm about two weeks ago, reports to William Toy, managing director and head of equity derivatives. Toy and Evans declined comment. A firm spokesman also declined to comment.
While at Goldman Sachs, Evans reported to Andrew Barnard, head of U.S. convertible arbitrage trading. Barnard left Goldman Sachs to join JD Capital Management, a hedge fund in Greenwich, Conn. last month (DW, 1/13).
