Forbes Elworthy has left Merrill Lynch to be co-head of credit structuring at Dresdner Kleinwort Wasserstein, an investment bank intent on establishing a stronger global presence in credit derivatives.

Elworthy joins after seven years at Merrill Lynch. He will jointly run the credit structuring business unit with Greg Lieb. The two complement each other. Elworthy brings several years experience of the structured credit market while Lieb is decidedly quantative, having run complex interest rate derivatives, known as exotics, at BNP Paribas.