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It seems like a bit of a blow for Morgan Stanley.

Credit Suisse quietly hired Morgan Stanley's rising star in equity derivatives

Credit Suisse has hired a rising star from Morgan Stanley's equity derivatives business. 

Matteo Mazzetto, an executive director in Morgan Stanley's fund linked derivatives business, is understood to be joining Credit Suisse in London this week. Credit Suisse declined to comment.

Mazzetto began his banking career in M&A at Goldman Sachs in 2005 before moving to Morgan Stanley's equity derivatives team in 2007. He spent two years at MS before moving to Barclays for four years and then returning to Morgan Stanley in 2015. He's understood to have resigned from the bank in order to join Credit Suisse in November 2018.

Insiders say Mazzetto was a rising star at MS. He's understood to have run EMEA sales for Morgan Stanley's ALPHAS product, a derivatives-based managed account solution which gives hedge funds exposure to institutional investors, where rumour has it that assets under management went from $2bn to $9bn during his tenure. The supposition is that he will be building something similar at Credit Suisse. 

Mazzetto's arrival at Credit Suisse coincides with several major equity derivatives hires at Deutsche Bank. - As we reported yesterday, the German bank recruited Eric Bensoussan for European sales and David M. Ryan as head of equity derivatives sales in Europe.

At Credit Suisse's investor day last December the bank said it had added 50+ senior people to its equity derivatives business with the intention of driving revenues in the division. In the third quarter, the bank said equity derivatives revenues were up 70% year-on-year. However, Credit Suisse's equities sales and trading revenues as a whole fell 6% in 2018 vs. 2017 and 2% in the final quarter.

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AUTHORSarah Butcher Global Editor

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