Royal Bank of Scotland has hired Dresdner Kleinwort's former global head of credit and equity derivatives to spearhead the growth of its structured and exotic products division.

Matteo Mazzocchi, who quit last November after close to six years at Dresdner Kleinwort, joins RBS in May to lead its structured derivatives products group. He will report to Symon Drake-Brockman, head of debt capital markets.