By Jeff Kearns
June 7 (Bloomberg) -- Macquarie Group Ltd. hired Richard Sansaricq as global head of sales for the financing of equity trades by clients, an attempt by Australia’s largest investment bank to boost market share in equities.
Sansaricq, 48, started last week in New York overseeing nine salespeople in the U.S., Europe, Asia and Australia, according to Todd Steinberg, head of equity derivatives. Sansaricq, whose position is newly created, was most recently head of algorithmic sales at Fox River Execution in New York. He will report to Steinberg, a former BNP Paribas SA executive hired last month.
Sansaricq, whose official title will be head of Delta One and synthetic prime brokerage sales, declined to comment. The Sydney-based firm is expanding what it offers customers who invest in and trade equities by developing more derivative products, including over-the-counter contracts and exchange- traded products such as options. Macquarie paid $146.7 million in September for Fox-Pitt Kelton Cochran Caronia Waller LLC, the investment bank that focused on financial institutions.
“As we expand our derivatives and equity finance capabilities, we’ll be hiring to match that expansion around the world,” Steinberg said in an interview. “Richard’s hire will help us deliver more to our institutional clients globally.”
Net trading income at Macquarie’s securities unit rose 17 percent in the year that ended March 31, the bank said April 30.
--With assistance from Jonathan Keehner in New York and Angus Whitley in Sydney. Editors: Joanna Ossinger, Nick Baker
To contact the reporter on this story: Jeff Kearns in New York at jkearns3@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.