People: Estrada, Horne out in Credit Suisse rout, Belsher to Barclays, and more

Latest job changes across the industry

Credit Suisse and UBS buildings in Zurich
Photo: Ank Kumar/Wikimedia,

The adieus aren’t over yet at Credit Suisse after its absorption into UBS. John Estrada, global head of foreign exchange, is the latest in a string of senior trading executives to depart following the Swiss banks’ forced merger. Estrada, who assumed the global FX role at the beginning of this year, announced his departure in a Linkedin post. During his 12 years at Credit Suisse, he spent nearly two years as global head of eMacro trading and more than nine years as global head of electronic FX trading. A UBS spokesperson was unable to respond to a request for comment before publication.

Chris Horne, chief executive of Credit Suisse UK and its international business – a 32-year veteran of the bank – has left after only a year in the job. Horne, who had served as deputy CEO of the investment bank from 2015, took over from David Mathers, who stepped down in the shadow of the Archegos affair.

Bea Martin, UBS’s head of non-core and legacy, and president of Europe, Middle East and Africa (Emea), takes on Horne’s UK role alongside her existing duties. Neither the firm nor Horne would comment on his departure.

John Estrada
John Estrada

Will Farrant has also left his role as Credit Suisse’s head of Asia-Pacific securitised products to join Ares Management as a partner. His focus will be on alternative credit investing in Australia and New Zealand – a newly created position at the firm. Farrant took up the Sydney-based role on October 24, reporting to John Knox, partner and head of Australia & New Zealand for Ares Asia – and, until 2019, CEO of Credit Suisse Australia.

Eduardo Trocha left the Credit Suisse leveraged finance capital markets division in September to join Santander Corporate and Investment Banking as European co-head of leveraged finance in London. He reports to Jeff Cohen, global head of leveraged finance, based in New York, and Alexandra MacMahon, head of Santander CIB in the UK.

Joanne Hannaford has also departed Credit Suisse for the role of chief information officer at Deutsche Bank. Hannaford, who was chief technology and operations officer for the Swiss bank, takes up her new role in early 2024, according to a Deutsche spokesperson, and relocates from Zurich to London. She replaces the outgoing Rafael Otero and will report to Bernd Leukert, chief technology, data and innovation officer.

At UBS, James O’Callaghan, who spent 15 years at the bank, has left to join Jain Global as head of trading. He starts his new position in January 2024 and continues to be based in London.

Julien Vendittelli has also left UBS, where he was head of ETF and index fund sales for France. He has joined BNP Paribas Asset Management as head of institutional ETF sales for France, Belgium, Luxembourg, Monaco and francophone Switzerland – a new position. He remains in Paris, reporting to Jérémy Tubiana, regional head of ETF and index solutions. A UBS spokesperson confirms the bank is actively recruiting to fill Vendittelli’s role.

Benno Klingenberg-Timm has left his role at UBS Asset Management as head of the institutional business for the Asia-Pacific region, after two decades at the firm. He joins Capital Group as head of its institutional business for the Europe and Asia client group, effective October 23. He replaces Stephen Gosztony, Capital Group’s former institutional head, who passed away last year. Klingenberg-Timm remains in Singapore and reports to Guy Henriques, president of the Europe and Asia client group.

Geoffrey Belsher has been appointed chairman and country CEO for Canada at Barclays. He replaces Bruce Rothney in the role. The appointment was effective October 16, but is subject to regulatory approval. Based in Toronto, Belsher will report to Richard Haworth, CEO of the Americas and to Cathal Deasy and Taylor Wright, global co-heads of investment banking. He was previously chair of Blake, Cassels and Graydon, the corporate finance law firm, where he had a 34-year career, according to his LinkedIn profile.

Sam Berberian has joined Citadel Securities, the market-making arm of the investing giant, as head of credit trading, based in New York. “This is a new role that was created as we build out our credit business,” says a person familiar with the matter. Berberian joins from a five-year spell at Citi, where he ran corporate cash trading in North America.

Also at Citadel, Ben Levine joined the hedge fund business in October as team lead for risk transfer solutions in global fixed income. Levine was at Morgan Stanley for more than 13 years, most recently as a managing director on the derivatives structuring team in New York, and continues to be based there.


In another departure from Morgan Stanley, Chris Rivelli joined Millennium Investment Management in October as a global macro portfolio manager, based in Jersey, Channel Islands. In his previous role, Rivelli was head of Emea FX derivatives and global exotics in London, having previously worked in FX and exotics roles for a number of firms.

Albert Chu has joined Man GLG in Boston as a portfolio manager, leading the firm’s new natural resources-focused investment strategy. Chu took up his new role in October, reporting to CEO Teun Johnston. He was previously at BNY Mellon, where he was a senior portfolio manager focusing on natural resources.

Chu’s responsibilities at BNY were assumed by David Intoppa, portfolio manager and senior research analyst at Newton, a BNY subadviser, and Brock Campbell, global head of equity research at Newton, alongside their existing responsibilities.

Also in October, Shen Xu joined ExodusPoint Capital Management as head of artificial intelligence, leaving Balyasny Asset Management, where he was head of natural language processing.

In the wake of the scandal surrounding its former chairman, the Chicago Board Options Exchange has announced more internal changes. Catherine Clay has been promoted to the newly created role of global head of derivatives. Clay joined Cboe in 2015.

Adam Inzirillo has taken over Clay’s former role as global head of data and access solutions from his previous role as head of North American equities. Oliver Sung, previously head of North American equity execution consulting will replace Inzirillo as interim head. Inzirillo and Clay will report to Dave Howson, global president of Cboe Global Markets.

Catherine Clay
Catherine Clay

Kevin Wolf has been appointed chief financial officer at the American Financial Exchange (AFX), effective October 1. Wolf’s last full-time role was at Euronext FX where he was most recently chairman of Euronext Singapore. Wolf reports to CEO John Shay on a remote basis from Massachusetts, where he also lectures at UMass-Isenberg School of Management.

Christopher Edmonds has been promoted to head of fixed income and data services at the Intercontinental Exchange. Edmonds joined Ice in 2010 and was most recently chief development officer. He reports to Ice chairman and CEO Jefferey Sprecher. Atlanta-based Elizabeth King, who is chief regulatory officer and president of the exchange’s sustainable finance business, will reabsorb Edmonds’ duties and lead Ice’s clearing house operations.

Victoria Saporta
Vicky Saporta

Vicky Saporta has stepped down as executive committee chair of the International Association of Insurance Supervisors after an eight-year tenure. She held this role alongside her positions as executive director for prudential policy in the Bank of England and the Prudential Regulation Authority. At the IAIS, Saporta was responsible for developing international standards for group-wide supervision and macroprudential supervision of insurers. Shigeru Ariizumi replaces Saporta. He is currently vice-chair of the committee, alongside his role as vice-minister for international affairs of the Japan Financial Services Agency.

Additional reporting by Joe Parsons

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