BMO aims to boost credit derivatives sales with new hires

The Bank of Montreal (BMO) plans to boost its credit business in London following its hire of Emma Vassallo and Lucile de Carbonnières as managing directors of its credit derivatives group.

Both Vassallo and de Carbonnières join from rival Toronto-Dominion Bank. They both worked in Toronto-Dominion's London credit products group for five years and will start at BMO on July 1, concentrating on credit derivatives sales. Alvaro Olias also joins BMO as a vice-president with the mandate of developing BMO's credit business in Spain. Olias previously worked with German bank West LB.

BMO's credit derivatives unit operates out of London, Toronto and Chicago, but trades predominantly out of London, said Rick Brown, one of two credit derivatives traders at BMO in London.

Brown said BMO will also seek to develop more credit derivatives flows in Canada. “We are looking to expand our credit products business in Canada, where we have a greater presence and help the credit derivatives market mature,” said Brown.