Bank of Nova Scotia hired Mark Quaglia, who left Deutsche Bank AG in September, to sell structured securities.
Quaglia started at the Scotia Capital USA Inc. unit of the Toronto-based bank this month focusing on institutional sales of structured notes and other securities, he said in a telephone interview from his office in New York. He reports to Tim Andrews, a managing director.
Quaglia held a similar sales role as director of hedge fund derivatives and structured products at Deutsche Bank. He was most recently a consulting attorney for derivatives and financing deals at New York-based law firm Cadwalader Wickersham & Taft LLP, he said.
Joe Konecny, a spokesman for Bank of Nova Scotia, confirmed the hiring.
Banks create structured notes by packaging debt with derivatives to offer customized bets to retail investors while earning fees and raising money. Derivatives are contracts whose value is derived from stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather.