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Merrill Lynch reorganises global equities division

GLOBAL- Merrill Lynch has announced the reorganisation of its global equities business for a second time in under a year. Under the new structure, the previous three product groups in four regions have been replaced with five product groups across three geographical regions.

The changes have led to reshuffle of senior management and a number of departures. A shake up of the research department also coincides with Tim Huddart, head of equity research, leaving the group.

Sergio Ermotti, co-global head of equity markets, said of the restructuring: “this reorganisation is simply the evolution of a process started a year ago. It reflects the global nature of our business and our desire to enhance service for clients across the world.”

Under the previous structure, the cash and equity derivatives were lumped together. The five new groups under the new structure include equity markets, cash equities, equity-linked, equity capital markets and a strategic risk group.

Cash equities will be co headed by Brian Hull and by Onu Odim who returns after leaving three years ago. The pair will be responsible for the cash business worldwide.

Equity linked, which includes convertibles and equity derivatives, will be run by Rafael Berber who was previously head of the equity trading group.

Equity capital markets will continue to be run by Jim Birle and Dante Roscini. Joining them is Mike Hammond in the newly-created role of head of international equity-linked origination, with a particular focus on EMEA.

The strategic risk group, which uses trading strategies to optimise capital allocation and risk profiles in equity markets, will be headed by Barry Wittlin.

The securities services division, headed by Tom Troy, becomes part of the global equity markets division. Troy will continue to run the division which will be renamed global equity financing and services.

Under the new structure, Japan has been incorporated into the Pacific rim division which is to be headed by Simon Brookhouse, former head of Asia Pacific. Junichi Nagaya, formerly head of Japan, has “elected to take a sabbatical at the end of the year.”

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