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Merrill Lynch reorganizes trading businesses into integrated FICC division

Dow Jones Newswires reports that Merrill Lynch & Co has reorganized the management of its capital markets trading businesses to mimic the unified structure like Goldman Sachs and Morgan Stanley called Fixed Income, Currency and Commodities (“FICC”). Equities-trading expert Rohit D'Souza and London-based fixed-income trader Osman Semerci were named as the new co-heads of fixed-income and equities sales and trading. Three senior managers left Merrill as part of the reorganization including Doug De Martin, who ran equity and debt sales; Harry Lengsfield, who ran interest-rate products and foreign-exchange trading; and Jeff Kronthal, head of secured financing and principal investments. The article contains the following information on the new FICC co-presidents:

Semerci, 38, will remain in London and head the group in Europe, the Middle East and Africa. D'Souza, who turns 42 this month, will run the group in the Americas. The businesses they oversee produced 44% of Merrill's $8.2 billion of revenue in this year's second quarter and, together with its smaller investment-banking businesses, 63% of its $2.3 billion of pretax profit.

The executives, who share the title of FICC co-president, haven't yet named successors to the executives who left or other members of their management team, the spokesman said. D'Souza joined Merrill in 2004 from Morgan Stanley, where he ran equity trading and was credited with accelerating its development into a top electronic trader for the firm's own accounts and for its burgeoning list of hedge-fund and algorithmic-trading customers. He has taken a similar tack at Merrill, changing systems and managers in equities trading and also helping to form a strategic risk-trading group that trades for the firm itself.