MSNBC – BNP Paribas plans to increase the number of staff in its equity derivatives business in the UK by at least 20 per cent this year to tap growing demand from hedge funds and private banking clients.
The bank has reorganised its equity derivatives management team to spearhead the hiring spree in London, which will be mirrored by a similar “significant increase” in staff numbers globally, according to sources at the bank. BNP Paribas aims to increase the number of staff to take the London team to about 100 people.
Shaun Wainstein, previously head of structuring in London, will head the new team and report to Remi Frank, global head of equity derivatives sales, and Olivier Osty, global head of equity derivatives trading and structuring.
The bank’s European equity derivatives business has been ranked in the top five globally in recent years and profits from the business increased more than 15 per cent last year. A bank source described the division’s revenue targets for this year as “aggressive”.
After substantially boosting its capabilities in fixed income trading last year, the bank is planning to further strengthen its equity derivatives business. The new hires are aimed at taking a greater slice of clients in the hedge fund community. BNP Paribas has appointed Talbot Stark as global hedge fund relationship manager, a new position. Mr Stark previously ran the equity derivatives hedge fund sales desk in London.
The bank is also aggressively boosting its capacity in structured productsto meet rising demand from private banking clients, as well as hedge funds. Jean-Eric Pacini is moving from Paris to London to lead the structured products desk and oversee its expansion into new markets in Europe.
