Macquarie
Bank says it is merging two of its three capital markets facing businesses:
Macquarie Securities Group (MSG) and the Commodities and Financial Markets
Group (CFM).
The bank
says that CFM group head, Andrew Downe, will become group head of the newly
formed Commodities and Global Markets Group (CGM). MSG Head, Stevan Vrcelj,
will step down from his current role and from the executive committee but will assist
Downe with the integration of the two groups over the coming months.
Macquarie
Group managing director and CEO, Nicholas Moore, says that Vrcelj had been “an
outstanding leader of MSG in a period marked by challenging market conditions
and significant structural change in the securities industry”.
Vrcelj has
led MSG since 2011 and has been a member of Macquarie’s executive committee
since 2010.
Moore adds that
industry changes, client commitment and the opportunity to provide clients with
an integrated, end to end service across global markets prompted the merger.
The integration brings together the firm’s execution, research, derivatives,
trading, fixed income, foreign exchange and commodities businesses.
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