People moves: new op risk head for Deutsche, NatWest loses inflation execs, and more

Latest job changes across the industry

Deutsche Bank London

Deutsche Bank has named a replacement for its head of non-financial risk, Balbir Bakhshi, who has left the bank to join London Stock Exchange Group as chief risk officer.

Adrian Munday, formerly the bank’s chief operating officer for non-financial risk management, stepped into Bakhshi’s role on January 1, initially on an interim basis while the bank completes its approvals process for replacing a key function-holder.

According to an internal memo seen by, Munday will report directly to Stuart Lewis, Deutsche’s chief risk officer (CRO). Munday’s remit and reporting lines will be the same as Bakhshi’s, although he will also formally oversee DWS, the bank’s asset management arm, as CRO, from a group perspective.

Adrian Munday
Adrian Munday

Munday, who, according to his LinkedIn profile, is based in London, has been with the bank since 2006 in a variety of roles, including head of risk architecture for Deutsche’s corporate and investment bank, chief operating officer for liquidity management and, more recently, head of its benchmark and index control group.

Bakhshi, meanwhile, will start his new role as CRO of London Stock Exchange Group on January 25, reporting to chief executive David Schwimmer. Bakhshi replaces Diane Côté, who is retiring.

During his time at Deutsche, Bakhshi served on Deutsche’s culture, integrity and conduct committee, in addition to his duties as head of non-financial risk. He was also a member of the senior executive compensation committee and part of the supervisory board of the bank’s Luxembourg unit, where he chaired the risk committee.

Bakhshi joined Deutsche in 2017 from Credit Suisse, where he was group head of op risk. Before that, he spent most of his 12 years at the Swiss bank in a variety of senior market risk-focused roles. Early on in his career, he worked as a risk analyst at clearing house LCH.

NatWest Markets has lost two senior members of its inflation trading desk. Richard Turner, head of inflation trading, and Carina Lindberg, director on the inflation trading team, have both left the bank.

Turner joined NatWest Markets in 2008. He reported to David Henness, global head of fixed income trading. Lindberg joined the bank in 2012 as an analyst within the capital markets graduate programme, working her way up to director on the inflation trading desk in 2014. Latterly, she reported to Turner.

The pair have reportedly left to join Nomura, who declined to comment on the moves. NatWest declined to comment on their replacements.

Elsewhere at NatWest, Simon Manwaring has been promoted to head of trading. Manwaring was previously global head of FX. He is also a member of the Bank of England’s FX joint standing committee, according to his LinkedIn profile.

Jonathan Peberdy has also become head of capital markets. Peberdy is a long-time employee of NatWest, having joined in 1999. His roles include head of syndicate, and regional head of credit and securitised product sales.

In their new roles, Manwaring and Peberdy report to Robert Begbie, chief executive officer.

Harsh Shah is joining Morgan Stanley as head of fixed income division solution sales for Europe, the Middle East and Africa. Shah leaves NatWest Markets, where he spent four years as head of fixed income origination and solutions. Before that, he spent seven years at Nomura, most recently as global head of structured sales.

The US bank has also promoted Alison Sharpe to head of fixed income division sales for Europe, the Middle East and Africa. Sharpe previously led the European life and pension franchise within Morgan Stanley’s European fixed income arm. She joined Morgan Stanley from Barclays 10 years ago.

In their new roles at Morgan Stanley, Shah and Sharpe both report to Salvatore Orlacchio, head of European fixed income, and Kevin Dunleavy, global head of fixed income sales.

Staffan Ahlner
Staffan Ahlner

State Street has appointed Staffan Ahlner as a senior exec in its funding and collateral solutions group. Ahlner joins from BNY Mellon where he spent 22 years in roles such as head of collateral management, and head of product collateral management and global clearing. In his new role, he reports to Gino Timperio, head of funding and collateral solutions at State Street.

Fellow BNY Mellon staffer, Yalini Isweran, has also joined State Street in a product innovation and business development role in global financing and collateral solutions, also reporting to Timperio. He was part of BNY Mellon’s strategy team.

The former head of the UK’s civil service, Mark Sedwill, is joining UK financial advisory company Rothschild & Co as a senior adviser, a part-time role. Sedwill previously served as cabinet secretary and national security adviser, capping a 30-year career in the UK public sector.

Charles Martin is also joining Rothschild as a senior adviser. He recently retired as a partner at law firm Macfarlanes, where he spent 37 years. He retains an advisory role at Macfarlanes.

Andrei Brougham and Alvaro Rosado are set to join Rothschild’s global advisory business in London as managing director and director respectively in the second quarter of this year. The pair previously worked at PTJ Park Hill, where they served as directors.

In their new role at Rothschild, the pair will form part of a new specialist team within equity advisory, focusing on the secondary market.

BNP Paribas Asset Management has promoted Daniel Klein to global head of client services. Klein has worked at the investment firm for 18 years, most recently as chief executive officer of BNPP AM USA and head of sales in North America. He previously spent 10 years at parent company BNP Paribas, initially as a bond trader, according to his LinkedIn profile. Based in Paris, Klein reports to Sandro Pierri, head of the global client group.

Alexandre Broggi has been appointed senior portfolio manager in Asia infrastructure debt investments at HSBC Global Asset Management. Broggi will be based in Hong Kong and report to Glenn Fox, global head of infrastructure debt investments. Broggi currently serves as director in infrastructure finance in HSBC’s global banking and markets division, a role he has held for the past eight years. Before joining HSBC in 2006, Broggi worked in the project finance team of Crédit Agricole for five years.

HSBC Global Asset Management has also appointed Dimitrios Papatheodorou as senior portfolio manager in infrastructure debt investments. He will be based in London and report to Fox. Papatheodorou joins from a specialist high-yield infrastructure debt firm, Sequoia Investment Management, where he has served as vice-president for the past three years.

Jerome Kemp

Citi’s former global head of futures and over-the-counter clearing Jerome Kemp has joined Baton Systems as a senior adviser. Kemp will work on delivering a fully end-to-end FX settlement system at the provider of post-trade software. Before joining Citi in 2011, Kemp was the global co-head of futures and options, and OTC clearing at JP Morgan. Before that, he worked in fixed income sales at Oddo & Cie.

The former head of enforcement at the US Commodity Futures Trading Commission, James McDonald, has joined Sullivan & Cromwell as a partner. He will work in the law firm’s litigation practice as a member of the securities and commodities investigations and enforcement practice and of the commodities, futures and derivatives group.

Under McDonald’s leadership, the CFTC’s enforcement division focused on data analytics and customer protection in digital asset markets. Prior to joining the CFTC in 2017, McDonald served as a federal prosecutor.

The Financial Conduct Authority has named Sheldon Mills in the newly created role of executive director for consumers and competition. Mills previously served as the FCA’s interim executive director for strategy and competition, where he led the regulator’s industry support efforts for consumers during the pandemic. Before joining the FCA, Mills was a senior director at the UK Competition and Markets Authority.

Richard de Roos, head of FX at Standard Bank Group, has been selected as the Global Foreign Exchange Committee’s new co‐vice-chair for a two‐year term. He succeeds Akira Hoshino, head of FX at Citi’s Tokyo branch.

The International Association of Deposit Insurers has elected Yury Isaev as its president and chairman of its executive council for a two-year term. Isaev, currently general director of Russia’s Deposit Insurance Agency, succeeds Katsunori Mikuniya, governor of the Deposit Insurance Corporation of Japan. Before joining the DIA Russia in 2012, Isaev was a member of the Russian parliament.

Structured products platform Luma is launching into the European market with the opening of a new office in Zurich, Switzerland. The office will be headed by David Wood, who joins as managing director of the company’s international business. His previous experience includes structured product roles at Societe Generale and Barclays Capital.

Correction, January 18, 2021: An earlier version of this article gave incorrect biographical information for Richard Turner, the former head of inflation trading at NatWest Markets. The article has been amended.

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