Investment bank Dresdner Kleinwort Wasserstein (DrKW) is establishing a digital markets division which will be responsible for developing and operating electronic and Web-based trading, execution and analytical services.
The new unit will bring together IT staff and resources from the bank's capital markets business, including front office staff. The division will be led by the banks's head of credit flow products, Sean Park, and will be made up of around 170 staff spread across four units.
E-trading will be headed by Andy Rowland and will manage the the development, deployment and support of all DrKW's electronic trading platforms, exchange and client connectivity and prime brokerage technology.
An 'e-capital' unit will be led by Axel Thill and will develop all DrKW's Web-based media and analytical tools. The listed products and prime brokerage unit will be headed by Fabian Somerville-Cotton while the e-sales division will be run by Stuart Berwick.
Commenting on the move, Tarek Mahmoud, head of sales & marketing at DrKW, says the new division "will allow us to deliver a powerful platform from which to execute low margin business more efficiently while freeing up sales and trading resources".