Wall street letter - Monday, September 29, 2008
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Société Générale To Boost Listed Options Sales
Société Générale plans to hire a new listed options salesperson on the heels of hiring Kelly Broadhurst from UBS in equity derivatives sales last week. She was at the firm for 13 years. There are currently seven sales people dedicated to hedge funds and two to insurance. Broadhurst will be dedicated to traditional asset managers with the new salesperson assigned to the hedge funds desk.
"We're monitoring what's happening and are discovering that now is the best time to build. It's pure luck," said Thomas Droumenq, managing director of the hedge fund group. He noted that the firm's long-term strategy has been to build up slowly and that the market's troubles won't stop the firm from expanding.
Three traders have already been added to the group: Brad Belsky from UBS for Standard & Poor's options and variance swaps; Eric Nelson from Jefferies focusing on ETF's and ETF options trading; and Jeremy Wien from Goldman Sachs for VIX options trading.
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