Commerzbank Securities, the U.S. arm of German banking giant Commerzbank, has added seven new staffers to newly created sales, trading and strategy slots in New York, according to a senior bond official. This official says the firm has a headcount of about 265 in the New York fixed-income division, and is looking to move to about 300. Mergers and consolidation, and bulge-bracket hiring freezes, have given second-tier dealers like Commerzbank the opportunity for fast growth, he says, referring to the timing of the move. He adds the firm's is looking to leverage its position in European league tables, and its European institutional client relationships, to an expanded U.S. bond trading presence. He says the focus will be on secondary trading and sales, rather than competition for underwriting mandates.
A spokesman confirmed that at the senior sales level, the firm has brought on Adriano Cantreva from Credit Suisse First Boston derivative sales. Cantreva is marketing credit derivatives to hedge funds and reports to U.S. fixed-income sales co-heads Kumar Doriaswami and Sam Gottesman. Also joining as senior sales pros are Rodrigo Espirito-Santo, from BNP Paribas, and P.K. Jan, who joins from Sanwa Financial Products.Therese Auld has also been added in fixed-income sales, and moves from Deutsche Bank Securities in New York. The spokesman did not know the particular product lines these sales pros will focus on, and phone calls to Gottesman and Doriaswami were not returned.
On the trading desk, Edward D'Alessandro has joined the high-grade corporate trading desk from Bear Stearns in New York, where he is reporting to Commerzbank U.S. credit trading chief Carmine Urciuoli. He is an associate director. Also departed from Bear Stearns is strategist Gretchen Rodkey, who is now a hi-grade corporate strategist under Bob Gay, the head of North American debt and credit research. Christian Stracke is a new emerging markets debt strategist, and joins from Deutsche Bank. He will also report to Gay.