Merrill Lynch snares Goldman derivatives ace Covin

Merrill Lynch has poached David Covin from Goldman Sachs to develop interest rates products in its strategic solutions group (SSG) - a unit split into interest rates and credit divisions that specialises in structuring derivatives products for investment advisors and hedge funds.

Covin, who will be based in New York, becomes a managing director of the interest rates division, and reports to the head of the SSG’s interest rates business, Chris Matchett. He will work both on the marketing and structuring of rate derivatives products for investor clients. Before joining Merrill, Covin was vice-president in Goldman Sachs’ derivatives products group.

“We are thrilled to have David on board," said Keith Jacobson, managing director and head of SSG at Merrill Lynch. "His hiring is testament to our commitment to growing our derivatives marketing efforts in key areas.”