As 2024 kicks off, SRP looks back at the most relevant people moves stories in 2023 highlighting new hires and exits at the main issuers of structured products across markets.

Royal Bank of Canada (RBC)

In January 2023, RBC announced the appointment of Rory MacFarlane as managing director, head of UK cash equity sales. Based in London, MacFarlane is responsible for RBC’s cash equity sales offering in the UK, across all products. MacFarlane joined the Canadian bank from Berenberg where he was a director. Before, he spent nine years at Investec, most recently serving as the bank’s head of sales.

Edward Redmond was named as director, cash equities sales, global clients at RBC. Prior to RBC, he was an investment director and product specialist at Artemis Investment Management. He previously held positions at Citi, Credit Suisse (CS), Goldman Sachs, and William Blair. At RBC, he reports to Pamela Addoh, head of global equity sales, and focuses on driving global advisory products to UK clients.

In April, RBC Capital Markets, the investment banking arm of the Canadian bank, revealed the appointment of Charles Liber as its head of equity derivatives flow sales for Continental Europe, based in Paris. 

Liber joined after a non-compete period of one year following over five years at Optiver, most recently serving in a derivatives sales position, based in Amsterdam. Before Optiver, he was an equity derivatives sales at Deutsche Bank in London and was formerly with Société Générale and Exane.

In July, Mike Heraty (right) was named managing director, head of US equity solutions and structured product sales at RBC Capital Markets based in New York. In his new role, Heraty supports growing the Canadian bank’s equity structured product and QIS business targeting institutional and private bank clients. He reports to Sian Hurrell, global head of sales & relationship management, and head of global markets Europe.

Heraty joined from CS where he spent four years as head of equity derivative sales for North America. Before the Swiss bank, he spent 11 years at Bank of America Merrill Lynch as head of North American equity client solutions sales & structuring and co-head of cross asset solutions & strategies group in New York.

The same month, Giles Gleave was appointed as managing director, head of European equity solutions, in London. Gleave joined from Nomura where he was head of equity solutions for Europe, the Middle East and Africa (Emea). Before that, he held senior positions at Morgan Stanley, Bank of America, and Lehman Brothers. Gleave reports to Jason Goss (pictured), head of European solutions and structured product sales, and Graeme Bath, global head of corporate equity derivatives.

In October, Paul Adams parted ways with RBC Capital Markets after 13 years of service. Most recently, he was managing director, head of flow EQD and cash equity sales for Europe. Adams joined RBC in London in 2010 as head of UK, Nordic & Israel, structured solutions. Previously, he spent two years at Nomura International as head of UK multi-asset structured product sales, UK retail and private banks. Earlier in 2023, RBC announced the appointment of Charles Liber who had a reporting line to Adams.

Société Générale (SG)

SG started off  2023 by announcing the appointment of Bertrand Cozzarolo (right) as head of SG Private Banking, effective in February. Cozzarolo joined SG in 2004 with various roles, including most recently as head of sales and marketing at SG Retail Banking in France. In his new role, he replaced Patrick Folléa who has left the bank and reports to Sébastien Proto, deputy general manager in charge of SG, Crédit du Nord, Private Banking networks and their Innovation, Technology and IT division.

As part of the management reshuffle, Olivier Paccalin and Mathieu Vedrenne were named as deputy heads of SG Private Banking – they both maintain their current responsibilities, respectively, as head of sales and solutions, and head of private banking France.

In March, Jung-Jin Yoon (right) took on the role of managing director, head of cross-asset sales & structuring for Asia Pacific (Apac) as part of SG’s decision to combine its structuring team together with its cross-asset sales force.

Yoon joined the French bank in Hong Kong SAR in 2007 before relocating to Seoul to lead the local cross-asset distribution activities in 2013. He returned to Hong Kong SAR in 2017 as head of cross-asset distribution sales for Asia ex-Japan before his mandate was expanded to Apac in April 2020.

Meanwhile, Olivier Renoux and Tommy Paulhan were appointed as co-heads of structuring for products & solutions, global markets, Apac – an expansion from their existing roles. They report locally to Yoon with a functional reporting line to Pierre Gimenes and Vincent Vigroux, managing directors, and global co-heads of structuring for products & solutions at SG in Paris.

In May, SG announced the appointment of Hatem Mustapha as co-head of global markets activities and head of equities & equity derivatives, succeeding Alexandre Fleury in this position. Mustapha works alongside Sylvain Cartier, another co-head of global markets activities and reports to both Anne-Christine Champion and Fleury, who were appointed co-heads of global banking and investor solutions in March.

Also, under the new divisional structure within its global banking and investor solutions division, Demetrio Salorio took the role as head of global banking and advisory. Salorio will report to both Champion and Fleury. Ilya Polyakov took the role of deputy head of global banking and advisory alongside Alvaro Huete, who also remains deputy head of global banking and advisory – both report to Salorio. Meanwhile, Thierry d’Argent was appointed as group country head for the UK and Ireland, and CEO of SG London branch, replacing Salorio in this role. d’Argent reports to both Champion and Fleury.

In June, SG revealed that Fouad Farah (right) was promoted to head of global markets, Americas to succeed Mustapha’s former role. Farah has been with the French bank for 20 years and most recently served as managing director, head of credit and structured financing, Americas. Farah works closely with James Masserio, who was promoted to deputy head of global markets, Americas, focusing on the division that houses the bank’s equities & equity derivatives, prime services & clearing, credit, FX and rates businesses in the region. He reports to SG CEO Slawomir Krupa.

In October, SG Securities Japan welcomed Tomoyuki Sasai who joined as managing director, head of global markets sales in Japan and reports to Marc Saffon, head of global markets, Japan at the bank. Sasai joined from CS where he held various senior positions for over 14 years, most recently as managing director, co-head of solutions Japan, head of sales. Prior to that, he was with Deutsche Bank, J.P. Morgan, and Lehman Brothers.

Ryosuke Ishizawa also joined SG from CS, where he was formerly head of the investment solution sales team. At the French bank, he serves as head of distribution cross assets solutions and head of financial institution cross assets solutions, global markets in Japan. He reports regionally to Jung-Jin Yoon and locally to Sasai.

Additionally, Yuichi Shida – formerly worked the sales and structuring in global markets with CS and Mizuho – joined SG’s regional banks sales team, global markets in Japan. He reports to Naoyuki Kumon, head of regional banks sales.

In November, the French bank promoted Carl Bassili (right) and Bruno Magnouat to lead the investment banking division within global banking and advisory. Based in Paris, they both report to Demetrio Salorio, head of global banking and advisory.