People: SG CIB promotes Mianné and Fields

Mianné lands the deputy CEO role at SG CIB, with Fields replacing him as head of global markets - but the bank loses David Knott; JP Morgan's Zubrow gets regulatory affairs post; Jotwani leaves Nomura, with Ashley and Assi promoted

christophe-mianne

Société Générale Corporate and Investment Banking (SG CIB) has promoted Christophe Mianné to deputy chief executive and Didier Valet to chief executive, following the departure of former chief executive Michel Péretié at the end of 2011. Both promotions were effective from January 3.

Mianné’s move is the latest in a 24-year career at SG CIB, his most recent role being head of global markets, which he held from July 2008. Prior to this, he was head of the global equities and derivatives solutions division, and was named global head of equity derivatives in 1999. Valet joined SG CIB in 2000, and has been its chief financial officer since 2008.

SG CIB has also announced that Dan Fields, who has been deputy head of global markets at the firm since February last year, has been chosen to replace Mianné as head of global markets.

Fields joined SG CIB as an equity derivatives trader in 1994. During his time at the firm, he set up the bank’s equity derivatives business in Sydney and the hedge fund group for SG Americas Securities, a subsidiary of SG CIB, in New York. In June 2006, he relocated to Paris to head the flow and listed products sales group. He will remain in Paris for his new role.

Alongside these senior promotions, the investment bank is reducing its head count, and announced on January 4 that it had signed an agreement with French trade unions to implement a voluntary redundancy plan as it considers cutting the number of positions within SG CIB by roughly 880 in France.

In other moves, David Knott, co-global head of flow fixed income and currencies, is to leave the bank. Knott was promoted to his current role, along with Christophe Coutte, in March 2011, having previously been global head of flow fixed income and currencies sales and head of business development. The promotion of Knott and Coutte coincided with the departure of Chico Khan-Gandapur, formerly global head of fixed income and currencies. A spokesperson for SG CIB declined to comment on Knott’s departure.

Separately, Jonathan Whitehead has been appointed the new global head of commodities at SG CIB. Whitehead joined the bank in March 2011 as deputy global head of commodities at its London office.

Prior to being at SG CIB, Whitehead was head of commodity sales and structuring for Europe, the Middle East and Africa at Barclays Capital.

His promotion comes on the back of the departure of former global head of commodities Edouard Neviaski, who has left to join GDF Suez Trading, according to a market source. In December last year, the firm closed its North American physical power and natural gas business just 11 months after acquiring the franchise from RBS Sempra Commodities, amid rumours it was having problems accessing dollar funding. The bank says it will remain active in the energy and commodity derivatives markets (Risk January 2012, page 8, www.risk.net/2131307).

 

Barry Zubrow, who had been chief risk officer at JP Morgan Chase since 2007, has been named head of corporate regulatory affairs for the bank. He will be responsible for all regulatory relationships and continue to advise chief executive Jamie Dimon on risk issues. He will also retain his position on all the company’s risk committees.

Zubrow has been a high-profile spokesman on many banking industry issues over the past 12 months. In June, he warned the House Committee on Financial Services that proposals to require US banks to collect initial margin from selected counterparties on all uncleared over-the-counter derivatives would ‘kill’ their overseas swaps activities (Risk July 2011, page 6, www.risk.net/2079439). During the US debt ceiling debate last year, Zubrow racked up numerous meetings with politicians and their staff to warn about the dangers of a US sovereign default (Risk January 2012, pages 50–51, www.risk.net/2133994).

Zubrow will be replaced as chief risk officer by John Hogan, who has been head of risk for the investment banking division for the past five years. Hogan will also report to Dimon, and will join the bank’s operating committee.


Tarun Jotwani, executive vice-president and head of global markets at Nomura in London, is to leave the bank, following a restructuring of its global markets division that will see fixed income and equities, previously overseen by Jotwani, split up and managed as separate businesses. Steve Ashley has been named global head of fixed income, with Georges Assi becoming deputy global head of fixed income. The appointments take effect immediately and both will be based in London.

Jotwani, previously global head of fixed income, was promoted to head of global markets in March 2011. He joined Nomura in 2008 as a senior managing director, after the bank acquired the Asia-Pacific operations of Lehman Brothers.

In his new role, Ashley remains global head of the bank’s macro products group, which combines rates and foreign exchange and was set up in July last year. Ashley will report directly to Takumi Shibata, chairman and chief executive of Nomura’s wholesale division, and the bank’s group chief operating officer.

Ashley joined Nomura in May 2010 from Royal Bank of Scotland, where he spent six years, finishing up as head of global delta interest rate trading and flow credit trading.

Assi remains co-head of Nomura’s European fixed-income division and head of its global credit products business. He joined Nomura from Lehman Brothers in November 2008, where he had been co-head of fixed income in Europe. Assi joined Lehman Brothers in 2001 after a five-year stint at JP Morgan, and oversaw the firm’s synthetic collateralised debt obligation business until 2006.

News of Jotwani’s departure followed an earlier announcement that Jasjit Bhattal, president and chief executive of Nomura’s wholesale division and deputy president of Nomura Holdings, had decided to retire from the bank.


Lloyds Banking Group has appointed Richard Moore, a 22-year veteran of Citi, as its new head of trading, and also recruited Cris Kinrade from Royal Bank of Scotland (RBS) to be head of counterparty exposure management and solutions.

Moore worked at Citi between 1986 and 2008, holding a number of senior roles in the foreign exchange and fixed-income divisions. He was most recently head of fixed income for Europe, the Middle East and Africa, with responsibility for sales and trading, and the development and distribution of fixed-income products and services. In April 2011, he joined the now-defunct MF Global as chief executive for Europe.

Moore will start at Lloyds on March 1. Based in London, he will report to Andrew Géczy, chief executive of wholesale banking and markets. He will be responsible for risk management and access to financial markets to support the funding and cash management activities of the bank’s corporate clients.

Kinrade will report to Moore, and joins the firm from his position as head of derivatives funding at RBS, which he held from 2008. He has also worked at UBS, Bank of America and ABN Amro.

 

CIBC World Markets has appointed Nadim Siddique as managing director and head of equity derivatives trading. Siddique, formerly managing director for equities at Citadel Investment Group, is based in CIBC’s New York office.

He reports locally to Eric Price, managing director and head of capital markets, and globally to Paul Beck, managing director and head of equity derivatives. Siddique has worked in equity derivatives sales and trading for 15 years, based in New York and Japan. Prior to his role at Citadel, he was head of Japanese equity derivatives at Morgan Stanley.


William Dudley, president of the Federal Reserve Bank of New York, has been appointed chairman of the Committee on the Global Financial System (CGFS) by the members of the global economy meeting, which comprises the central bank governors from the 30 Bank for International Settlements member countries. The CGFS is a central bank forum that oversees and generates policy recommendations for financial markets and systems.

Dudley has been president of the New York Fed since January 2009, and is a permanent member of the Federal Open Market Committee (FOMC), which formulates US monetary policy. He joined the Fed as executive vice-president of the markets group in 2007, and prior to that served as an economist at the Federal Reserve Board. Dudley’s appointment to the CGFS will stretch for three years and will start immediately. He succeeds Mark Carney, the current Bank of Canada governor, who has recently been appointed chairman of the Financial Stability Board. Carney had been chairman of the CGFS since July 2010.

 

UK member of the European Parliament Sharon Bowles has been re-elected as chair of the European Parliament’s Economic and Monetary Affairs Committee (Econ).

Bowles was first elected to the position in July 2009, and will now serve another two-and-a-half-year term. She will lead Econ in overseeing the regulation of the financial sector, the free movement of capital and payments, competition rules, tax provisions and the functioning of the euro.

Econ suggests amendments to proposals submitted by the European Commission; if the European Parliament approves these changes, they become the parliament’s official stance in negotiations over directives or regulations.

Prior to the vote, there had been some concern over whether Bowles’ re-election would be threatened by a backlash from her European colleagues in reaction to UK prime minister David Cameron’s use of his veto in December’s treaty negotiations.

“The City of London is an important financial centre, with expertise drawn from all member states and an asset the European Union needs to maximise,” Bowles said after being re-elected. “I take very seriously the responsibilities of chair and will be at the forefront of efforts to re-engage the UK and put it at the heart of Europe.”


Derek Saunders has been elected chairman of the International Association of Credit Portfolio Managers (IACPM). Saunders is currently global head of portfolio management for HSBC in London, and was vice-chair at the IACPM for 2011.

Saunders replaces Sean Kavanagh, who left his position as head of Deutsche Bank’s loan exposure management to become group head of credit portfolio management for Citi in New York in November last year. Kavanagh will now be chairman emeritus for the IACPM.

The IACPM has also announced that Jeffery Weaver, group head of credit portfolio management at KeyCorp, will serve as vice-chair alongside Saunders. Weaver joined KeyCorp in 2005.


JP Morgan Asset Management has hired Neil Moge as senior client adviser for UK and European strategic insurance sales. He will focus on the impact of Solvency II, the incoming capital adequacy regime for European insurance providers that is due for implementation on January 1, 2014.

Moge will be based in London, reporting to Philip Michaelson, head of strategic insurance sales for Europe, the Middle East and Africa. Prior to joining JP Morgan Asset Management, Moge was investment director at RSA Insurance from 2007, and director of insurance investment at Axa Investment Managers from 2004.


FXall, the electronic foreign exchange trading platform, has appointed Susan Gammage as head of Americas active trading sales. Between August 2001 and March 2010, Gammage was executive vice-president at Thomson Reuters, and represented the firm on the Federal Reserve’s foreign exchange committee. Her most recent position was global head of G-10 forex e-commerce sales at Citi between February 2010 and September 2011. She began the role at FXall in November last year, is based in New York and reports to Jim Kwiatkowski, head of sales for America and Asia.

FXall has also hired Indu Maheshwari as head of trading operations and strategic initiatives in Asia, based in Singapore. Prior to joining FXall, Maheshwari was head of post-trade services, sales and trading for Thomson Reuters in Singapore from November 2000 to November 2011. He reports locally to Jonathan Woodward, head of Asia-Pacific, and globally to Quito Zuba, global head of trading operations.


New York-based commercial insurance firm Chartis, a subsidiary of American International Group (AIG), has appointed Alexander Baugh as chief risk officer and head of strategic planning.

He will be responsible for improving the company’s risk profile and driving its strategic aims in alignment with AIG, reporting to AIG’s chief risk officer, Sid Sankaran.

Baugh, who joined AIG in 1983, was previously chief executive of Chartis’s European division. From 2008 to 2010, he was chief executive of Chartis UK, and from 2007 to 2008 was managing director of the division. Prior to that, he was president of AIG Europe.

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