Credit Suisse has managed to snatch up a professional from Morgan Stanley’s equity derivatives business by hiring Matteo Mazzeto, according to a report from eFinancial Careers.
Mazzeto started his career in the banking industry at another well-known financial firm – Goldman Sachs. Joining in 2005, he worked in the mergers and acquisition department before moving on to Morgan Stanley in 2007, where he was employed in the equity derivatives team.
After two years at Morgan Stanley, Mazzeto migrated to Barclays, where he spent four years before he eventually returned to Morgan Stanley. Now, it is understood that back in November of 2018, Mazzeto resigned from Morgan Stanley to join Credit Suisse.
At Morgan Stanley, Mazzeto ran EMEA (Europe, the Middle East, and Africa) sales for the company’s ALPHAS product, according to insiders at the firm speaking to eFinancialCareers.
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The ALPHAS product is a derivatives-based managed account solution, which gives hedge funds access to institutional investors. According to rumors, during Mazzeto’s stint of working with this product, assets under management went from $2 billion to $9 billion.
It is thought that Mazzeto will help build something similar for Credit Suisse in his new position, the report said.
Credit Suisse Amidst Equities Hiring Push
The addition of Mazzeto follows on from Credit Suisse stating that it had added more than 50 senior professionals to its equity derivatives business, at the bank’s investor day in December of last year.
The aim of the new hires is to drive revenues in the division. As Finance Magnates reported, Credit Suisse closed out 2018 on solid footing, reporting its first post-tax profit since 2014.
During the final quarter of 2018, the bank achieved its highest adjusted pre-tax income since 2013, which was CHF 846 million. This is also 49 percent higher than in the final quarter of 2017.