Netherlands-based Rabobank has become the latest securities firm to set up a hybrid derivatives trading and sales desk. The bank is looking to make three hires.
Mike Weber, a former Merrill Lynch banker and partner at hedge fund Eriswell Capital, is heading the London-based global operation, which is being set up from scratch.
He says the bank has already moved Luuk Heuskes from its New York business to deal with hybrid sales, and is looking to appoint a quantitative trader, a trader and a structurer. All will need to be relatively senior.
The ideal candidates will have experience across several product lines, said Weber. "They could come from an equity, fixed income, commodity or credit background, but will need to be familiar with more than one of those areas," he said.
Headhunters for the hybrid derivatives market say a rush of similar hiring is unlikely. "Most banks created hybrid desks a few years ago and are now pretty well saturated with staff," said one.
"Rather than outside hiring, we're expecting to see greater integration between existing derivatives teams this year, with the odd outside hire to bolster that."