BarCap lures Aguais from Algorithmics

Barclays Capital, the investment banking division of Barclays Bank, has lured Scott Aguais from enterprise risk management vendor Algorithmics, to work as its new head of credit risk methodology in London.

Aguais will head the global implementation of a new regulatory framework for credit risk capital at Barclays. The overhaul of the UK bank's credit risk methodologies was prompted by the on-going development of a new Basel capital accord, Basel II, developed by G10 national regulator members through the Basel Committee on Banking Supervision. Working on the quantitative and methodology side, he will also manage projects looking at credit risk exposure measurement and the development and implementation of advanced mark-to-market valuation models for loan and bond exposures.

His work will provide a focal point for improving risk models at Barclays Capital and extending credit data capabilities, according to Julian Shaw, global head of market risk, and head of risk analytics and research at Barclays Capital - Aguais' new boss.

Aguais is joining Barclays from Algorithmics, where he was a senior director in Toronto, and worked in the Canadian company's credit capital solutions unit. Barclays Capital approached him as it was specifically trying to hire someone with Basel II expertise, Aguais told RiskNews.

“This was essentially an unsolicited opportunity to really come in and solidify the top of the credit risk team, and a chance to get onto the practitioner side after 14 years of consulting and building advanced credit risk models,” he added.