BoA links major and emerging forex forwards in risk strategy drive
Bank of America (BoA) has merged its forwards and emerging markets forwards businesses in London, and hired three forwards traders globally as part of a continued drive to move to a strategic risk management model, a senior official told RiskNews' sister publication, FX Week .
The move ties up with the bank’s recent management reorganisation, which saw Baum take responsibility for global emerging markets, and is designed to take advantage of "a growing number of synergies between the two businesses", said Baum. Alan Collins, London-based global head of forex for Europe, Middle East and Africa, who took on responsibility for Asia as part of the changes last month, works much more closely with Baum under the new structure so the two areas can be effectively co-ordinated, he added.
Co-heading the newly merged forwards and emerging markets forwards business in London will be new hire Jasper Falk, who is due to join from JP Morgan Chase next month. He will run the combined business in London alongside the current UK emerging markets head Gavin Moule, who takes responsibility for both product lines immediately.
In New York, Lee Cantor was hired last month to run the bank’s Canadian forwards book. He also joined from JP Morgan Chase, where he was a euro/dollar trader.
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