HSBC makes key trading hires; reshuffles sales
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HSBC makes key trading hires; reshuffles sales

HSBC has made some key new hires and reshuffled some of its senior FX management team, EuromoneyFXNews can reveal.

The bank, which registered the biggest increase in market share among the top 10 in this year’s Euromoney FX survey, has hired Steve Rendon as a senior G10 FX options trader. He will join from Morgan Stanley in the next quarter, according to Vincent Craignou, global head of FX and precious metals derivatives.

Rendon, who began his career as a floor trader on the CME, will be a useful resource as the FX options market moves from an OTC market to an exchange-like model, Craignou tells EuromoneyFXNews. He will have direct responsibility for trading, market making and risk management of some of the bank’s key portfolios.

New hires make a pleasant change for HSBC. It has lost some key personnel in its FX options business in recent months, including Mike Killen, who was global head of exotic trading, FX and metals; Simon Manwaring, global head of G10 FX options trading; and Howard Buckley, an options trader.

HSBC also hired Danny Wise from Barclays Capital as a yen spot trader, reporting to Serge Sarramegna, head of G10 spot FX in London. According to Stuart Scott, head of FX trading for Europe, HSBC is focused on developing the close relationships between its trading desk and those portfolio managers who talk directly to the traders. That means being able to strike the right balance between electronic and voice execution, while adding value through trade idea generation. “It’s very much a case of strengthening that and building a team of people capable of doing that. Danny fits that mould perfectly and is very well respected in the market,” says Scott.

Separately, Adrian Boehler, who held the position of head of EMEA FX and commercial sales, will leave HSBC at the end of June for personal reasons, while Patrick Schartner, head of institutional FX EMEA sales, will move into a newly created role running sales for Switzerland. Schartner will be responsible for distribution of global markets products to Swiss institutional clients and develop the family office business there. Institutional responsibilities will be passed to Robbert Sijbrandij and Claude Goulet, who will be co-heads of institutional FX EMEA sales.

Sijbrandij joined HSBC late last year from Goldman Sachs; Goulet joined in 2008, having worked at JPMorgan and Bank of America.

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