Credit Suisse First Boston has merged the cash and synthetic rates sales teams, on the heels of the recent integration of the cash and derivative credit sales efforts. Rob Griffith, head of fixed income sales for North America, announced in an internal memo last week that the firm was creating an interest-rate coverage group from the merger of its cash and derivatives sales desks, according to sister publication Derivatives Week. The move follows the creation of a credit sales group late last month, which combined the firm's bond and derivatives sales teams.
The interest-rate group "will provide a platform for the seamless integration of cash and derivatives coverage," the memo stated. Michael Furman, who co-headed interest-rate product sales, and Jason Manske, who was responsible for credit derivative sales to financial institutions, have been tapped as co-heads of the new group. Both declined to comment. Sales will be split into five teams, comprising Federal Home Loan Banks and regional dealers, financial institutions, hedge funds, investment managers and servicers and government-sponsored enterprises.
Meanwhile, Steven Shaw, who co-headed credit cash sales, has been appointed head of the credit group, according to officials. Rob Lynn, who had headed credit derivatives sales, retains his responsibilities reporting to Shaw.
Banc of America Securities made a similar move in the credit department last year, when it brought the two businesses under one head, Charles McLendon.