Dresdner Kleinwort Wasserstein has combined all its fixed income businesses into a single group as part of its drive to revamp its capital markets division. It has promoted Malcolm Perry to run the new group, just two months after he joined as head of credit.

Perry, who will retain his credit role, will also oversee DrKW's interest rate trading, principal trading and agency lending businesses within a broader fixed income remit. Perry joined the bank in April after spending 12 years at JP Morgan.