Swiss financial institution Bank Julius Baer has launched an emerging markets FX desk in New York with the hire of two traders from Greenwich-based AIG Trading.Gregory Van Laeken joins as global head of emerging markets trading. He was a senior emerging markets spot and forward trader at AIG. Karthik Sankaran joins as a senior emerging markets salesperson. He was a currency strategist at AIG and reported to Van Laeken. A third trader, Diego Corazzo, is joining the new team from Bank Julius Baer’s Group of 10 (G10) desk.
Mark Linnan, global head of risk trading at Bank Julius Baer in Zurich, told RiskNews’s sister publication FX Week that the move was in response to increasing customer demand for emerging markets products. “Emerging market assets and structured emerging markets-based products are becoming increasingly important components of portfolios,” said Linnan.
Clients of the new desk may trade 25 emerging markets currencies in Asia, emerging Europe, the Middle East and Africa and Latin America. Previously, Bank Julius Baer was active in emerging markets fixed income, with any resulting forex transactions routed through the G10 spot and forwards desks.
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