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Unranked last year, Deutsche Bank Securities lands in third place under the direction of newcomer Jens Johansen. The five-person team “put together a very thoughtful derivatives analysis tool kit that summarizes the state of the markets and allows options traders to do meaningful research on trading ideas,” says one money manager. Johansen believes that August’s low volatility is unlikely to last. Consequently, he and his associates are recommending a calendar spread in which investors finance the purchase of near-dated puts — those that expire soon after the November U.S. elections — through the sale of longer-dated puts struck much farther out. The trade essentially pays off like a put but is somewhat cheaper — and should pay off once volatility increases again, Johansen explains. RUNNER(S)-UP Benjamin Bowler & team Bank of America Merrill Lynch Edward Tom & team Credit Suisse |
Economics & Strategy – Equity-Linked Strategies: Third