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Commerzbank Dresdner Unveil New FX Structure

Commerzbank has unveiled a new structure to be put in place for its foreign exchange and fixed income business following the completion of its merger with Dresdner Kleinwort.

Ian Robertson, Dresdner Kleinwort’s London-based head of FX trading, will head FX trading at the enlarged entity while Richard Anthony, head of all electronic fixed income, currencies and commodities (FICC) at Dresdner will head e-trading, intermediaries and services.

Robertson is a former head of emerging markets options at Standard Chartered as well as a 16 year veteran of Citi, where he worked in FX options. He joined Dresdner in 2006 (Squawkbox, 4 December). Robertson and Anthony currently report to Eddie Listorti, head of FICC at Dresdner, who is leaving the bank early next year after declining a position to run fixed income at the merged entity.

Dresdner’s Ralf Werres will become the head of sales for the entire fixed income division, a level one management position. Werres takes the role that was initially pencilled in for Dresdner’s head of global distribution Stefan Gtter before the latter turned it down (Squawkbox, 27 October). Werres is Dresdner’s managing director in strategic structured solutions.

From the Commerzbank side, Hui-Sun Kim has secured the role of overall head of fixed income, another level one management position, on a permanent basis. Kim had taken on the role on an interim basis after Listorti had turned down the role (Squawkbox, 27 October).

Also from Commerzbank, Thomas Roesner, head of swaps, will head rates trading while his colleague Ralph Sebastian, head of interest rates, will head interest rate and hybrid derivatives.

In the fixed income business, Dresdner’s Martin Hartmann will head fixed income structuring while also heading emerging market and credit derivatives. Hartmann is currently head of equity and fixed income, currencies and commodities structuring, reporting to Areski Iberrakene, global head of equity derivatives

All moves will become effective when the two banks finally join next year. They are currently in phase one of the integration, which involves regulatory issues. Phase two, beginning early next year, will involve planning and preparing for the integration up until Q3 when the managers will assume their new roles.

At the time of announcing the deal, Commerzbank chief executive Martin Blessing highlighted FX and fixed income as two areas where the bank “feels strengthened by the combination.”

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