Eric Dutruit, the former head of equity derivatives sales Europe, Middle East and Africa (Emea) at Nomura in London, has joined HSBC as head of equity derivatives sales, Emea. Amilcare Police held the position of head of equity derivatives sales and multi-asset third party distribution sales at the UK bank, which he left in 2011, before joining Bank of America-Merrill Lynch (Baml) as head of Emea credit and banking in July of the same year.
Dutruit will have responsibility for flow equity derivatives sales and structured equity sales in the client solutions group (CSG) and report into Franck Lacour, head of equities, Emea and global head of equities trading, as well as to Marwan Dagher, head of institutional sales, Emea.
Dutruit is the latest Nomura senior structured products banker to join a competitor outfit, following the Japanese bank's decision to close certain businesses in Emea, such as equity derivatives, equity research and equity underwriting in Europe, which put a number of executives in its equity derivatives business at risk. At Nomura, Dutruit reported to Alessandro Ricci, head of equity solutions sales, Emea, who joined Leonteq as head of sales for Europe last week. Dutruit left Nomura at the beginning of March, according to the UK Financial Conduct Authority.
Dutruit joined Nomura from Baml, where he was head of Americas equity structuring and structured sales in New York, after being relocated in the summer of 2013 to run the bank's retail cross-asset and equity solutions for the Americas as part of the US bank's reorganisation of its equity derivatives teams. He had been head of Emea for retail cross-asset and equity solutions in London since 2009.
Dutruit joined Merril Lynch in 2003 from ABN Amro, where he was an analyst. At Merrill, he started as a vice president in structured and flow equity derivatives sales for France and the Benelux, and was later promoted to director level in 2008.
Dutruit's departure follows that of Ed Steel, credit risk officer (front office) & chief operating officer, global equities, who had a particular focus on equity front office risk and structured derivative products globally. Other senior executives from Nomura's equity derivatives in Emea such as Eric Bensoussan, the bank's head of equity structuring for Emea; Matt Reader, head of fixed income structured products; Simon Bristow, head of structured product transactions; and Ronan Connolly, head of equities trading for Emea, remain at the bank. Nomura declined to comment.
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