By John Ferry
French bank BNP Paribas is to massively expand and reshape its equity derivatives business, with the particular aim of attracting more sales from hedge funds. The bank has put in place a new management team to run its London equities and derivatives efforts, and plans to increase its headcount by 20% by the end of this year. This is part of a significant increase in its equity and derivatives personnel globally, says BNP Paribas.
The new team will be led by Shaun Wainstein, previously head of structuring in London, who will report to Remi Frank, global head of equities and derivatives sales, and Olivier Osty, global head of equities and derivatives trading and structuring. “There has been support from the management of the bank to build up our equity derivatives business, so we are aggressively trying to develop and expand globally,” says Wainstein.
Staff reorganization
As part of the reorganization, Talbot Stark is appointed to the newly created position of global hedge fund relationship manager, where he will act as a single point of contact for funds looking to trade across fixed income, equity derivatives and commodities. Previously head of equity derivatives hedge fund flow sales in London, Stark will report to Frank and David Brunner, global co-head of fixed-income client origination and distribution.