People moves: Quarles quits Fed, CS credit team exodus continues, and more

Randal Quarles, the Federal Reserve Board governor who also served as its first vice-chair for supervision, has resigned effective late December. The move comes as US President Joe Biden’s decision on whether to reappoint Jerome Powell as Fed chairman approaches – amid much speculation – and as two regional board heads are vacated ahead of schedule.

Quarles, who oversaw the supervision and regulation of financial firms in the board’s jurisdiction, has been a member of the board since October 13, 2017. He also served as chair of the Financial Stability Board, in which role his three-year term ends on December 2. He previously held senior positions at the US Treasury and served as US executive director of the International Monetary Fund.

Boston Fed president and chief executive Eric S. Rosengren moved up his retirement from June 2022 to the end of September. His counterpart at the Dallas Fed, Rob Kaplan, retired in early October. The moves come as the two presidents faced scrutiny over trades they made last year.

Rosengren was named the 13th president of the Boston Fed in 2007 after joining the central bank in 1985. Kaplan was appointed president of the Dallas Fed in 2015. First vice-president Meredith Black now serves as interim president in Kaplan’s place. Meanwhile, Kenneth C. Montgomery, the Boston Fed’s first vice-president and chief operating officer, has taken Rosengren’s position on an interim basis.

The exodus from Credit Suisse’s US credit team continues as Patrick Vickers, a former managing director at the Swiss bank, is set to join BNP Paribas in December as a senior credit default swap trader focusing on distressed trading. He will report to BNPP’s head of US single-name CDS trading Matt Mandell.

Notable departures this year include David Goldenberg, former Credit Suisse head of global index and options and head of US credit derivatives, who joined Barclays as global head of macro credit trading, according to his LinkedIn profile. Goldenberg had worked at the bank for 15 years and was key to its strong index business.

Christopher Bathon, an 11-year Credit Suisse veteran, recently joined HSBC to head its US investment-grade credit trading. Based in New York, he reports to Tom Curran, head of credit trading for the Americas, and to James Deighton, global co-head of flow credit trading.

Three further Credit Suisse staff have joined HSBC to report to him: Christopher Schuville as head of investment-grade industrials credit trading; Mike Malloy, who looks after the consumer/retail, aero/defence, chemicals, and rail sectors; and Marshall Peters, responsible for the tobacco, manufacturing, industrials and utilities sectors.

Credit Suisse declined to comment on the departures or their replacements.

Elsewhere at the bank, Kathryn Spain has left her role as head of North American equity distribution to join Investec. Spain served as head of European equity sales for more than 20 years at the Swiss bank and was previously a portfolio manager of US equities at Investec Asset Management, now Ninety One. She will be based in New York.

NatWest Markets has parted ways with its head of fixed income trading, David Henness. The departure comes as the bank steps away from euro and US dollar inflation derivatives trading. It will maintain its sterling inflation derivatives desk and continue to trade cash inflation products for both euros and dollars. Henness will be replaced by Gary Hawkins, who will serve as head of fixed income trading and strategic delivery. He joined the bank in 2011 and previously worked as head of prime services and head of capital resolution markets.

Matt Zhang, co-head of Citi’s structured products trading and solutions division, has left the bank after 14 years, reportedly to pursue an opportunity in the cryptocurrency industry. With the move, Chetan Vohra becomes sole head of Citi’s structured product trading and solutions business and its spread products investment in technology business.

The bank’s global co-head of beta electronic and algorithmic trading, John Mann, has also left to join hedge fund Millennium as a portfolio manager in New York, according to his LinkedIn profile. Derek Hafer will now head GSP quantitative trading, Citi’s new global spread products division comprising the former beta, electronic, automated trading and portfolio trading businesses.

Meanwhile, former US Treasury official Brent McIntosh has joined the bank as general counsel and corporate secretary. He takes the place of Rohan Weerasinghe, who joined the bank in 2012. McIntosh served as undersecretary for international affairs at the Treasury from 2019 to 2021.

Eric Etienne has joined UniCredit as head of fixed income, currencies and commodities. Based in Milan, he will report to global markets co-heads Marco Bales and Lionel Bignone. Tong Lee, who previously held the role, will move to focus on the monitoring and implementation of future markets regulation, continuing to report to Bales and Bignone.

Etienne previously served as global head of non-linear products trading at Crédit Agricole and head of rates options trading for Europe at BNP Paribas, according to his LinkedIn profile. Crédit Agricole declined to comment on his replacement.

Northern Trust has appointed Gary Paulin as head of global strategic solutions for its asset-servicing business, a newly created role. Based in London, Paulin will report to Pete Cherecwich, president of corporate and institutional services at Northern Trust. Paulin previously looked after the bank’s outsourced trading services as global head of integrated trading solutions. He joined Northern Trust in 2016, after it acquired Aviate Global, an institutional equity brokerage firm he co-founded.

Faisal Abu Shaar has been appointed chief risk officer at Abu Dhabi Islamic Bank. He previously served as chief risk officer and group head of risk for Islamic banking at Standard Chartered Bank in the United Arab Emirates.

BCS Global Markets has appointed Julien Mareschal as chief risk officer for its UK entity, BCS Prime Brokerage. Based in London, he will report to Maxim Safonov, co-chief executive of BCS Global Markets, and Marina Atavadzhieva, global head of risk at the firm.

Mareschal previously served as head of risk management for London at Mediobanca and as a senior risk manager in the transaction and securitisation team at BNP Paribas.

Karin van Baardwijk will take over as chief executive at Robeco in January, succeeding Gilbert Van Hassel who has held the role since 2016. Van Baardwijk, who joined the Dutch asset manager in 2006, currently serves as chief operating officer and deputy chief executive. She previously held positions of chief information officer and head of operational risk management at the firm.

Van Hassel is leaving the asset manager for a senior role at Robeco’s parent company Orix Group in New York.

At asset management giant Amundi, Eric Bramoullé has been named head of marketing and products and a member of the executive committee. He has been at the firm for more than two decades, most recently serving as chief executive for Amundi South Asia. Albert Tse will succeed him in that role. Tse has served as head of distribution sales and marketing for Amundi in South Asia since 2019. Previously, he was at Schroders, leading the intermediary business of South-east Asia and the Malaysia and Thailand businesses. In his new role, he will report to Vincent Mortier, Amundi’s deputy chief investment officer.

Elsewhere at the firm, Gilles Cutaya has been appointed deputy head of marketing and products, reporting to Bramoullé. Cutaya was most recently head of marketing and communication and deputy chief executive at CPR Asset Management, an Amundi subsidiary.

State Street Global Advisors, the asset management business of State Street Corporation, has appointed Kathleen Gallagher as head of Standard & Poor’s depositary receipt exchange-traded funds (SPDR ETFs) for Australia. She will assume the new position in addition to her current role as head of ETF model portfolios for Asia.

The firm has also appointed Robin Tsui as SPDR ETFs gold sales specialist for Hong Kong, in addition to his role as Asia-Pacific gold strategist. Prior to joining State Street Global Advisors in 2016, Tsui was investment product and research manager at the World Gold Council.

State Street has also created two new roles, hiring Marie Tsang as SPDR fixed income strategist for Asia-Pacific and Jean Gan as SPDR fixed income sales specialist for Singapore, Hong Kong and Australia. Tsang and Gan will be based in Sydney and Singapore respectively.

Tsang joins the firm from BlackRock, where she was most recently senior investment strategist for portfolio analysis and solutions. Gan joins from MUFG Securities, where she was director for institutional investor sales.

All four appointees report to Meaghan Victor, head of SPDR ETFs distribution for Asia-Pacific.

Christopher Coleman has taken over as group chief financial officer at insurer Aspen, replacing Kevin Chidwick who is retiring at the end of the year. Coleman will be based in Bermuda. Most recently, he held the same role at Third Point Re until its merger with Sirius Group.

Allen & Overy partner David Benton is retiring. Benton has acted as counsel to the International Swaps and Derivatives Association, with particular focus on its work in credit derivatives, including being a regular adviser to the association’s credit derivatives determinations committee for Europe, the Middle East and Africa.

Erik Gerding has joined the Securities and Exchange Commission as the deputy director for legal and regulatory policy in its division of corporation finance. Gerding joins from the University of Colorado Law School, previously having held roles at the University of New Mexico School of Law and Cleary Gottlieb Steen & Hamilton.

Dorothy DeWitt has stepped down as director for the division of market oversight at the Commodity Futures Trading Commission. DeWitt joined the US regulator in 2019 from cryptocurrency exchange operator Coinbase, where she served as vice-president and general counsel for business lines and markets. She previously held roles at Citadel Securities, S&P Global, and law firm Davis Polk & Wardwell.

Associate director for the Office of International Affairs, Meghan Tente, will serve as the division’s acting director. Tente previously worked within the division from 2017 to 2020.

Jean Gaeremynck has been elected chairman of the enforcement committee at French regulator Autorité des Marchés Financiers. He has been a member of the committee since 2016 and succeeds Marie-Hélène Tric in the new role.

Ivan Gilmore has been appointed head of cash equities for LCH. Gilmore joined the central counterparty’s majority owner, the London Stock Exchange Group, in 2017. In his new role, he will report to both Bruce Kellaway, global head of securities and collateral at LCH, and Frank Soussan, global head of CDSClear and head of SA EquityClear and CommodityClear.

Pre-trade fixed income data aggregator Neptune Networks has named John Robinson as its chief executive officer. Robinson takes the place of interim chief executive Byron Cooper-Fogarty, who held the role from January 2020 and will remain at the company as chief operating officer.

Robinson worked with the company as a senior consultant in November 2020. He previously held senior positions at Morgan Stanley, including US head of credit sales.

Morgan Stanley technologist Kyle Downey has left the bank to launch blockchain firm Cloudwall Capital where he will serve as chief executive, according to his LinkedIn profile. Downey spent 17 years at the US bank in Hong Kong, Shanghai and New York. Cloudwall aims to provide institutional investors with tools to analyse and invest in digital assets.

Brett Redfearn, a former official at the US Securities and Exchange Commission, has joined digital asset securities firm Securitize as senior strategic adviser to chief executive Carlos Domingo. He will also serve as chairman of the company’s advisory board.

Redfearn previously held a senior position at cryptocurrency exchange operator Coinbase. Prior to that, he served as the director of the SEC’s division of trading and markets. He joined the regulator in 2017 from JP Morgan, where he was global head of market structure for the corporate and investment bank.