People: FCA to get new head of operational risk

New head of US rates trading for Barclays; TP-Icap shakes up senior management

The UK Financial Conduct Authority (FCA) has hired Paul Dyer as head of operational risk and risk review, Risk.net has learned.

Dyer has spent the past five years running a management consultancy, Influence, which specialises in risk and regulation. In 2016, he was appointed chief executive of the Association of Professional Compliance Consultants (APCC), the UK body for compliance consultants, who provides advisory services to firms regulated by the FCA and the Prudential Regulation ­Authority (PRA).

Dyer will leave his current positions with the APCC and Influence at the end of August to join the FCA. He will report to Barbara Frohn, director of risk and compliance oversight at the FCA.

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Barclays has made several appointments in macro trading. The bank has hired Asita Anche as head of cross-asset quantitative trading. Anche will join the bank in the first week of July, based in London. In this newly created role, she will report to Rashmi Tank, head of statistical modelling and development.

Prior to this appointment, she was a managing director in Goldman Sachs’ electronic fixed-income, currencies and commodities (Ficc) systematic market-making and execution ­services division.

This is the second senior appointment from Goldman over the past few months, with Barclays hiring Shrut Kalra to its credit team as co-head of European high-grade trading in May.

Barclays has also hired Chris Leonard as its new head of US rates trading. He joins from Arcem Capital, a macro and fixed-income hedge fund he founded in 2012, and reports to Nat Tyce, co-head of macro products. Leonard will be based in New York.

The bank has also hired Filippo Zorzoli as head of macro distribution for Europe, the Middle East and Africa (Emea) and Asia-Pacific (Apac). In addition, Zorzoli will also become head of solutions sales globally. Zorzoli and Anil Atluri, head of macro distribution for the Americas, will run Barclays’ macro sales business globally in tandem. Zorzoli will assume this position in September, based in ­London.

Zorzoli joins Barclays from Bank of America Merrill Lynch, where he most recently served as head of rates sales for Emea, in charge of a team of interest rate and repo salespeople. Barclays is looking to further expand its corporate and investment banking arm by hiring between 50 and 100 people.

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Matthew Bax has joined Citi as head of sales for custody and fund services for Emea. In this newly created position, he will be responsible for growing Citi’s client base in the region. Bax will report to Danny Caplan, head of sales for investor services Emea and Pat Curtin, global head of sales and client management for custody and fund services. Bax will be based in London.

Prior to assuming the new role, he worked at JP Morgan as its Emea head of custody, based in London.

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JP Morgan has already appointed a successor to Bax, Mike Hughes, who will take on Bax’s responsibilities as part of a broader role. Hughes, who previously worked at Deutsche Bank, will be the bank’s new head of global custody. He will be in charge of product strategy, execution and profit and loss (P&L) across JP Morgan’s global custody franchise.

In his previous role, Hughes served as global head of strategic execution for Deutsche Bank’s global securities services business, responsible for driving shareholder value from the transaction bank. His previous roles include head of global transaction banking in the UK and Middle East, as well as global head of fund services. Hughes was expected to assume his new responsibilities in the first week of July.

JP Morgan has also made a hire in its markets execution team. Pasquale Cataldi is re-joining the bank as head of new products and initiatives, a new position. He will report to David Hudson, head of markets execution, based in London. In this role, he will be in charge of establishing and managing new offerings for clients.

Cataldi started his career at JP Morgan in emerging markets trading and subsequently held senior positions in rates trading at Deutsche Bank and HSBC.

Brett Redfearn, JP Morgan’s head of equity market structure, has been named the bank’s new head of market structure for global markets. Redfearn will report to Peter Ward, co-head of markets execution for macro products, futures and options and Daniel Ciment, head of markets execution for equities. Redfearn will be based in New York.

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HSBC has appointed Rob Ritchie (pictured) as co-head of global banking in the UK. Ritchie will join HSBC in September to work with co-head Philip Noblet.  He will replace Alan Thomas, who led the UK banking franchise alongside Noblet, due to Thomas’s retirement from HSBC at the end of June.

Ritchie joins from Goldman Sachs, where he most recently served as head of European corporate debt capital markets. He left the bank in 2016. He will report to Matthew Westerman and Robin Phillips, co-heads of global banking.

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Standard Chartered has hired Clare Francis as head of global banking business for Europe, replacing Scott Barton, who has left the bank to pursue other opportunities. In this role, she will be in charge of corporate and financial institutions business in Europe.

London-based Francis will report to Paul Skelton, global head of global banking and Tracy Clarke, chief executive for Europe and Americas.

Francis joins StanChart from Lloyds Banking Group, where she has worked since 2006. Most recently, she served as managing director for global corporates in its commercial banking unit. She will assume her new role in October.

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Citi has hired Toby Ali as co-head of Emea leveraged finance. Ali joins from Bank of America Merrill Lynch, where he most recently served in the same role. At Citi, Ali will work alongside Simon Francis, who was appointed co-head of leverage finance for the regions in April this year. Ali and Francis will report to Philip Drury, head of capital markets origination for Emea.

Ali will chair a new debt financing steering committee for Emea, comprised of senior members of the bank’s leveraged finance and loans team. He will be based in London.

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State Street has hired David Pagliaro (pictured) as head of its data and analytics arm, State Street Global Exchange, in the Emea region. Pagliaro will be based in London, reporting to John Plansky, global head of State Street Global Exchange, and Liz Nolan, co-head of global services for Emea.

Before joining State Street, Pagliaro spent nine years at S&P Capital IQ, a vendor that specialises in financial data. His most recent role in the company was head of S&P credit solutions. Prior to that, he served as global head of corporate and commercial lending.

Pagliaro succeeds James Lowry, who, from July onwards, will be in charge of leading Global Exchange for North America as well as Global Exchange’s innovation and advisory solutions team. He will also oversee State Street Associates, the academic affiliate of State Street. Lowry will be based in Boston, reporting to John Plansky.

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Mizuho Americas has hired Traci Creange as its new head of US floating rate note (FRN) credit trading. She will be in charge of trading all maturities and sectors across the FRN range for Mizuho’s clients in the US.

Prior to re-joining Mizuho Americas, where she previously worked as executive director in investment-grade trading between 2011 and 2014, she worked as head FRN trader at Deutsche Bank.

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Natixis has made Pierre-Henri Denain its global head of financial institutions and public sector coverage. He will report to Guillaume de Saint-Seine, global head of coverage. He is replacing Hervé Rubiella.

Denain’s previous role with the bank was head of the Emea platform, excluding France. He has held this position since 2013. From July onwards, these responsibilities will be shared by François Riahi and Marc Vincent, global co-heads of corporate and investment banking, in addition to their current roles.

Denain joined Natixis in 2006 as head of fixed-income sales for Europe, and was later appointed as head of capital markets. He is based in Paris.

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Crédit Agricole has hired Alex Li as head of US rates strategy, replacing David Keeble. He will be based in New York. In this position, he will be in charge of developing interest rate research products in the US. He will report to Mohit Kumar, global head of rates strategy and locally to Christine Cremel, global markets chief operating officer for the Americas.

Before joining Crédit Agricole, Li was chief US treasury and inflation strategist at Deutsche Bank, in charge of developing client-facing interest rate research products in treasuries, inflation-linked and interest rate futures.

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Deutsche Bank has made Michael Morley (pictured) its head of UK wealth management. After the resignation of Andreea Grob, who served as head for the UK, Russia and Eastern Europe, it was announced that her responsibilities would be split between Zurich-based Loïc Voide, who would take on Grob’s responsibilities related to clients in Russia and Eastern Europe and a successor who would oversee the UK business.

Morley most recently served as chief executive at Coutts, the largest private bank in the UK. He held this position for seven years until his departure in 2016. In addition to that, he spent seven years chairing the board of RBS before stepping down in January this year.

Morley will join the bank’s wealth management unit in July. Based in London, he will report to Peter Hinder, head of Deutsche Bank Wealth Management Emea. Earlier in June, the wealth management arm of DB announced its plan to recruit around 100 new client-facing employees in high-growth markets over the course of 2017.

 

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TP Icap, the interdealer broker, has made a number of changes to its senior management team. David Casterton has been named vice-chairman of Icap, a newly created role within TP Icap group. Casterton will report directly to John Phizackerley, chief executive of TP Icap. In this position, Casterton will work alongside the regional and global product and function heads within TP Icap. He will also remain on the group’s global executive committee.

Prior to assuming the new role, Casterton was head of global broking for Icap, alongside Nicolas Breteau, who now becomes sole chief executive of TP Icap global broking. The regional heads of global broking will each report to him. The heads of the other three business lines within TP Icap – Frank Desmond, Andrew Polydor and Sam Ruiz, in charge of data and analytics, energy and commodities, and institutional services, respectively, will also report to Breteau.

He is based in London, reporting to Phizackerley.

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Nick Deflora will step down from his role as chief executive Icap Americas and deputy chief TP Icap Americas at the end of December. John Abularrage has been appointed as his successor. He will assume the new responsibilities in January. Abularrage will continue serving as chief executive for TP Icap in the Americas, as well as overseeing global broking for both brands.

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LCH has appointed Michael Davie as global head of rates. Davie will report to group chief operating officer Daniel Maguire and chief executive Martin Pluves.

Davie will lead SwapClear, LCH’s clearing platform for interest rate swaps, as well as the listed derivatives business. He will also be responsible for the launch and development of LCH SwapAgent – a new service designed to facilitate the processing, margining and settlement of non-cleared derivatives.

Davie will be in charge of leading innovation, which includes capital optimisation, through LCH’s compression services, developing LCH’s portfolio margining services and more. In this role, Davie takes over from Maguire, who was made group chief operating officer in April 2017. Maguire’s previous position was global head of rates and forex derivatives. He will continue overseeing the global forex derivatives business in addition to his new responsibilities.

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The Federal Reserve Board has appointed Ricardo Aguilera as director of the division of financial management and chief financial officer. This division contributes to the board’s financial decision-making, as well as strategic planning. Aguilera replaces Bill Mitchell, who retired in April after having worked for the board for 24 years.

In the past, Aguilera served as assistant secretary of the Air Force for financial management and comptroller. In this position, he was the main financial adviser to the secretary and chief of staff of the Air Force. Between 2010 and 2016, he was director of the Chief Financial Officer academy at the National Defense University. Prior to that, he held senior positions at the US Department of Defense.

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Tom Zychinski has joined Citadel in a new role as head of portfolio analytics and monitoring within its equity quantitative research function, based in New York. Zychinski previously worked as head of fixed-income trade execution at Bridgewater Associates.