Bear Stearns Creates Proprietary Trading Group
Bear Stearns has combined cash equities, structured equities and clearing activities under new managers and formed a new proprietary trading group.
Bear Stearns has also formed a new principal strategies group which combines the existing proprietary trading activities in the bank into a single unit. The group will be managed by Wendy de Monchaux, former head of derivatives.
Lisman, Meyer and de Monchaux will report to Warren Spector, president and co-chief operating officer.
James Cayne, chairman and chief executive of Bear Stearns said: "Increasingly, our clients are using multiple products and services that span the length and breadth of the firm. This change enhances our efforts to deliver the firm globally to our clients in a seamless, customer-friendly manner."
This month Bear Stearns reported that revenues from capital markets, which includes the bank's institutional equities, fixed income and investment banking businesses, had climbed 13 percent in the third quarter which included as a 31percent surge in equities revenues.
Additionally Peter Cherasia's role as chief information officer and co-head of the company's equity analytics and systematic trading group has been expanded. He will now head operations and technology for the firm.
Cherasia will report to Samuel Molinaro, executive vice-president and chief financial officer.