Johnny Wu, formerly head of investor solutions, Americas, at Barclays in New York, has become head of equities and funds structured markets (EFS) sales, Americas, as part of the reorganisation of the UK bank's equity derivatives and investor solutions business to incorporate a broader cross-asset structured solutions model.
Wu will remain in New York and reports to Mike Di Iorio, head of equities distribution, and Eric Schlanger, head of equities, Americas. Wu also remains a member of the EFS Executive Committee.
Wu has been overseeing all aspects of the investor solutions business in North and South America, driving client and product initiatives, since 2011 when he was elevated to head of investor solutions, Americas, reporting to the former global head of investor solutions Kevin Burke.
Wu was previously head of the institutional coverage group, investor solutions, in the Americas, where he was in charge of creating cross-asset class solutions for an array of institutional clients including pensions, endowments, foundations, insurance companies, asset managers and hedge funds.
He joined Barclays in 2005 from Bearn Stearns, where he worked in equity derivatives sales for three years.
EFS business
Wu's appointment follows Barclays' recent expansion of its equities and funds structured markets (EFS) business to provide structured solutions to clients on both sides of the balance sheet in an asset-agnostic way, with "structured" defined as either a structured pay-off, or a structured delivery mechanism such as documentation or platform.
The EFS business has three areas of focus including non-linear derivative solutions (structured notes, principal protected products, equity and hybrid structured options, credit solutions and structured solutions) for investor clients such as asset managers, insurers, private banks and other financial intermediaries; quantitative indices and strategies (QIS) across asset classes, including cross-asset risk premia portfolios for endowments, protected long-term savings products for pension funds, customised protected solutions for insurers and structured investments linked to mutual and hedge funds; and structured financing and collateral solutions for investor clients, including global margin and collared financings and multi-asset collateral management. This segment will also deliver capital structure management tools to corporate clients, including structured share repurchase programmes, convertible bond hedge overlays, synthetic equity issuance and ESOP management.
Barclays also said that under the new set-up a number of its fixed income, currency and commodities (FICC) structured trading teams will be integrated into the EFS business, and that as part of the reshaping its structuring business to a product-agnostic model a significant part of the bank's structuring team will also be joining EFS.
APAC/EMEA
Wu's appointment completes the full geographic coverage of the new EFS business. The Asia-Pacific region will be the responsibility of Yasuhiro Ishibashi as head of EFS sales in Asia Pacific, reporting to John Chang, head of equities distribution, Asia Pacific, and Jeffrey Juan as head of EFS sales, Asia ex-Japan, reporting to Ishibashi.
In Europe, Middle East and Africa (EMEA), Corinne Grain will take the helm as head of EFS sales, EMEA.
The bank's move to evolve its EFS model into a cross-asset business is aimed at enabling it to create efficiencies, reduce the duplication of effort across teams and streamline its platforms, analytics, operational processes and governance framework.
Art Mbanefo, global head of equity and funds structured markets, will run Barclays' EFS business globally.