People: UBS rejigs EQD, risk head departs; Rustad joins buy side, and more

Latest job changes across the industry


UBS once more heads the month’s moves with a batch of senior shifts across its global equity derivatives group. The appointments are among the latest in the ongoing reshuffle spurred by the integration of Credit Suisse.

Ernest Ng is appointed head of equity derivatives for the Asia-Pacific (Apac) region at the merged bank. Formerly global exotics head at Credit Suisse, Ng has worked for the bank in Hong Kong for over 14 years.

He replaces John Sung, who will now head up digital platforms in the region. 

Additionally, the bank has appointed Ihab Daouk as head of equity derivatives for the Americas. He has worked in UBS’s Americas equity derivatives and quantitative index strategy businesses since joining from Barclays in 2015. 

Daouk was most recently co-head of global exotics trading alongside London-based Gauthier Amiot, who becomes sole head of the bank’s exotics business. Amiot joined UBS in 2015, after a three-year stint on the exotics desk at Goldman Sachs, prior to which, he worked at Societe Generale.

In their new roles, Ng and Daouk will report to Thibaut Delahaye, global head of equity derivatives, who also takes on responsibility for European activities. 

Vassili Reperant has been appointed global head of e-trading for equity derivatives. He takes on the new responsibilities of implementing and executing the bank’s global electronic trading strategy alongside his existing role heading public distribution for Asia-Pacific.

Elsewhere at the merged bank, Eric Schaanning, head of risk management for the combined deposit and loan books of UBS and Credit Suisse, will leave in the first quarter of 2024 to pursue new opportunities within banking. He joined UBS with the acquisition of its local rival in June 2023, when he also took on the role as head of group banking book risk management at Credit Suisse. In September, his remit was expanded to include the combined books of the merged banks. 

Until March 2023, Zurich-based Schaanning had been responsible for treasury as well as asset and liability management risk management for Credit Suisse entities located in Europe, the Middle East and Africa. Prior to joining Credit Suisse in 2021, he was a principal financial stability expert at the European Systemic Risk Board.

Nick Rustad, the former derivatives clearing head at JP Morgan, is set to join Taula Capital Management, following a 20-month break from the industry. The firm was founded in June 2023 by former Millennium Capital portfolio managers Diego Megia and Norbert Aul. Rustad will work closely with the pair to prepare the fixed income-focused fund for its planned second-quarter launch. 

Nick Rustad
Photo: JP Morgan
Nick Rustad

Rustad took a leave of absence from JP Morgan in May 2022, having led the US bank’s derivatives clearing operation for more than six years. Emma Richardson took over the role, while Rustad was expected to return to the bank in a new position.

During his time running the clearing business, Rustad was a vocal advocate for clearing reform. He called for improved model calibration for listed derivatives following a surge of margin breaches during the March 2020 futures market meltdown, and for fairer balance-sheet treatment for cleared derivatives positions.

In August 2020, Rustad was appointed chair of the board of the Futures Industry Association, a role he held until June 2022. He was also a non-executive board member at LCH as a shareholder representative, and a member of the remuneration subcommittee from 2021 to 2022.

Lee Merchant, the London-based head of foreign exchange spot trading and a 25-year veteran of Deutsche Bank, left the firm at the end of 2023. Merchant has to date spent his entire career with the German bank, holding roles across New York, Tokyo and Sydney. His exit is the latest in an exodus of senior management from DB. He follows Ruchir Sharma, former co-head of global Apac FX, who left for Nomura as its global head of FX options trading. Additionally, both Russell LaScala, global head of FX, and David Reid, global head of FX sales, retired earlier in 2023. And Hans Ephraimson, global head of FX sales, exited for Mobilize Capital Partners after 30 years with the bank.

AllianceBernstein has promoted Chris Hogbin from head of equities to the newly created role of global head of investments. He took up the role on January 1, and will manage the firm’s public market businesses including equity, fixed income, multi-asset and hedge fund solutions, as well as investment solutions and sciences, and AllianceBernstein’s responsibility team. Nelson Yu, a 26-year AB veteran, will take on Hogbin’s former role.

Sharanjit Chaggar
Sharanjit Chaggar

Sharanjit Chaggar is joining Allianz Commercial as head of financial lines for its large corporate and speciality business in the UK. She will start at the firm in April 2024, and will report to Nadia Côté, commercial managing director in the UK. In her new role, Chaggar will lead the firm’s UK financial lines business, covering directors and officers, financial intuitions, professional indemnity and cyber across the large corporate and speciality segments.

The Depository Trust & Clearing Corporation (DTCC) has appointed Gloria Lio as head of enterprise services, effective December 11, 2023. She reports to Frank La Salla, DTCC president and chief executive officer. In addition to her new role, Lio will serve as a member of the DTCC’s management committee. She will be responsible for leading strategy development for the firm’s global business operations, client services, integration and business architecture. Before joining the firm, she most recently served as global head of custody with BNY Mellon and previously held a number of roles at Goldman Sachs, where she was a 20-year veteran.

Thijs van Woerden has been appointed director-general of horizontal line supervision within the executive board of the European Central Bank. In the new role, van Woerden will provide strategic direction and managing horizontal line supervision, bringing experience from his previous role as director of the European banks division at the Netherlands Bank (DNB), where he was responsible for all DNB staff working in joint supervisory teams overseeing Dutch banks. He will begin in the role in early 2024, succeeding Stefan Walter, who left at the end of 2023.

Carlo Ferraresi, group chief risk officer of Generali, has been appointed chair of the CRO Forum. He has previously served as chief financial officer and CEO of Cattolica Assicurazioni and as a managing director of the financial institutions group at Crédit Agricole Corporate & Investment Bank. Ferraresi replaces Peter Giger, who held the chair position for the 2023 term.

Patrick Raaflaub, chief risk officer at Swiss Re, has been elected the CRO Forum's vice-chair. He joined Swiss Re in 1994, after beginning his career as an economist with Credit Suisse. Following an absence from Swiss Re, beginning in 2008, which saw him join the Swiss Financial Market Supervisory Authority Finma as CEO, he returned to Swiss Re in 2014. Raaflaub additionally serves as a vice-chair on the Swiss Insurance Association’s managing board.

Rachel Kent
Rachel Kent

The UK Treasury has appointed Hogan Lovells partner Rachel Kent as financial regulators complaints commissioner. She succeeds Amerdeep Somal in the role, starting her five-year term on January 1. Recently, Kent led Hogan Lovells’ investment research review focusing on the provision of investment research and its contribution to the competitiveness of the UK’s capital markets. Following changes made by the Financial Services and Markets Act 2023, this marks the first time the role has been filled by the Treasury, as the commissioner was previously appointed by the financial services regulators.

James Kirby has been named deputy director of the US Department of the Treasury’s Financial Crimes Enforcement Network. He previously held the role of FinCEN acting deputy director, and earlier served as associate director of the network’s research and analysis division. His term succeeds that of AnnaLou Tirol.

US-based law firm Jones Day has hired Chris Arnold as a partner in the financial market practice of its London office. He covers derivatives, repos, securities lending, structured securities and other risk transfer agreements. In his new role, Arnold will advise clients on a range of complex cross-border financial transactions, regulatory matters and litigation. He will report to partner-in-charge John Phillips.

Additional reporting by Helen Bartholomew

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