Baml's Emea equity derivatives team rattled by departures

Bank of America Merrill Lynch's (Baml) European equity derivatives has seen several senior executives parting ways with the bank.

Robert Whitfield Hines, managing director and head of Europe, Middle East and Africa (Emea) equity derivatives flow sales has left the bank, according to sources. Hines joined Baml in September 2014 to replace Paul Baron, who relocated to New York to head the bank's flow equity derivatives sales in the US. Prior to that, he was managing director and head of European derivative flow sales at HSBC in London, which he joined from Morgan Stanley, where he was head of equity derivatives sales covering the US, and Emea with responsibility for global equity derivatives, sales and trading.

Additionally, Guillaume Arnaud, head of Emea solutions sales and structuring has resigned from his position, according to a Baml source. Arnaud joined Baml in London as a director and European head of equity structuring, reporting to Hichem Souli, global head of equity derivatives sales and structuring. Souli was formerly European head of cross- asset pricing and solutions at SG in London and joined BAML as head of Emea client solutions distribution, also in London. Souli reports to Julien Bahurel, global head of equity derivatives sales and European head of equity distribution at Baml. Arnaud joined Baml from Societe Generale where he was head of equity and credit pricing and solutions, and also head of equity pricing and solutions for financial institutions. Previously, Arnaud was an interest rates derivatives engineer at Dexia.

Other departures within Baml's equity derivatives team in London include Alexander Askling, head of Nordic equity derivative flow sales; and Selma Sekkat, head of French equity derivatives sales. Askling joined Baml's equity derivatives sales team in London in 2009.

The US bank remains a marginal player in the global structured products market with very little issuance activity in Europe. However, the US bank had the highest market share (16%) among distributors in the US market in 2017 on the back of US$9.9bn in structured products sales. Baml has dominated this ranking since 2015, when it overtook JP Morgan as the top distributor of structured notes in the US.

Year to date, Baml is the third largest distributor in the US, with 14% market share across $1.3bn in sales, and has marketed 79 products. Other structured products markets where Baml is active include Japan (44 live products sold via Merrill Lynch Japan Securities), Germany (four open-ended products sold by Merrill Lynch), Italy (three open structured bonds) and the Netherlands (one live 30-year structured note linked to the constant maturity swap rate).

A Baml spokesperson declined to comment.

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