ABN Amro continues derivatives build-up

ABN Amro has hired two foreign exchange derivatives marketing managers in the latest stage of its ongoing derivatives business expansion.

Alex Barrett, a former head of forex sales at Deutsche Bank in Frankfurt, joined last week as global head of foreign exchange derivatives marketing, based in London. Meanwhile, Demetri Papacostas will join the New York office as North American head of forex derivatives marketing.

Robert Valdes-Rodriguez, global head of forex distribution at the Dutch bank, said the moves were part of a strategy "to significantly expand" market-share.

In the past four months, ABN Amro has hired a new global head of foreign exchange options, Ian Robertson, and expanded its forex strategy group. Valdes-Rodriguez said the bank plans more foreign exchange derivatives marketing hires as ABN Amro continues to build its platforms in Europe, Asia and North America.

Barrett left Deutsche Bank earlier this year, where he had worked since joining from Credit Suisse First Boston in 1995. Papacostas was previously at HSBC in New York, where he worked in a similar derivatives marketing role.