Goldman Sachs has integrated its U.S. investment-grade bond and credit derivatives trading desks with its convertible bond trading operation and tapped Gregg Weinstein, managing director and global head of convertibles, to oversee the enlarged unit. The three businesses will be able to work more closely together under the new structure, according to one official. Weinstein declined comment. The official says Goldman is evaluating whether to make a similar move for Europe; it combined its credit and convertible bond teams in Asia last year. Bruce Corwin, a spokesman in New York, declined to comment.
Paul Huchro, managing director in investment-grade bond trading, and Derek Smith, managing director in credit derivatives trading, will continue to head their respective desks but now report to Weinstein, according to the official. While several firms have integrated their bond and credit derivatives desks, fewer shops have aligned their convertible bond desk with their credit operations so closely, noted one observer.