21/07/2010 Author: Tony Griffiths

Deutsche sales chief joins Merrill Lynch

James Orme-Smith, the director responsible for driving new business to Deutsche Bank’s hedge fund-compliant Ucits platform, has left to join Bank of America Merrill Lynch, becoming the German banking giant’s second senior figure to switch to the rival prime broker in the last eight weeks, HFMWeek can exclusively reveal.  

According to sources with knowledge of the move, Orme-Smith, who joined Deutsche as a director in 2007, is to take up a senior role within Merrill Lynch’s synthetic sales division, where he will work closely with Eric Personne, the architect of the firm’s Ucits platform, and the rest of the firm’s Ucits team.

While at Deutsche, Orme-Smith was primarily responsible for prime brokerage sales into hedge fund strategies within the Ucits regulatory framework, as well as synthetic equity flow products. During this period he was responsible for helping to develop the bank’s Ucits III-compliant Platinum platform.  

Orme-Smith's departure marks the second time that Merrill Lynch has poached a Deutsche executive in recent months, following the appointment in May of Sean Capstick as the bank’s head of prime brokerage for EMEA.

Orme-Smith, who resigned on Friday, is expected to assume his new role in October. Deutsche Bank declined to comment.