It’s a bad year to work in European equity derivatives. Just look at Credit Suisse, which blamed its worst quarterly equities results in ten years partly on its European derivatives travails. Not everyone can quit to join Goldman Sachs though. Daniel Petherick, the former head of EMEA equity derivatives flow sales at SocGen has just left to set up a real estate agency.
Petherick’s LinkedIn profile says he left the French bank in October. This month, he founded Chalk Street Estates, which is registered on Companies House as a real estate agency based in London’s Great Portland Street. His tenure at SocGen was comparatively short. The French bank is known for promoting people through the ranks, but Petherick joined from Citi in November 2014. Prior to that, he spent 14 years at Morgan Stanley.
Petherick didn’t immediately respond to a request to comment. However, his move looks sort of inspired. As a salesman we suppose that Petherick can help charm clients into buying houses just as easily as into buying volatility swaps. Meanwhile, Brexit or not, London’s property market is still strong, and as the chart below from Deutsche Bank reflects, the same cannot be said for the equity derivatives market.