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Lloyds expands FX division in Sydney

Lloyds Bank has continued the expansion of its global foreign exchange business with the hiring of two people from UBS for its Sydney operation, a Lloyds spokesperson has confirmed.

Paul Bernasconi and Nathan Pederson, both formerly of UBS, have been hired by the UK bank in newly created roles. Bernasconi has been appointed as a director for sales to institutional investor clients, reporting to Diana Lollato, head of sales for Australia, and Rob Garwood, global head of sales, in London. Meanwhile, Pederson has been hired as a director, trading FX forwards, the bank said. Before UBS, Bernasconi was head of FX investor sales at ANZ in Sydney, having held various other positions in a 20-year career. Pederson, who had been head of Asia Pacific STIRT at UBS, now reports to Michael Peric, head of trading in Australia, a role in which he will be responsible for forwards and STIRT in the Asia Pacific region. Sydney represents Lloyds Bank’s Asian trading hub.

In the 2012 Euromoney FX Survey, Lloyds were ranked 26th in spot by Australasian clients (up from 34th in 2011) and 18th in spot by Australasian corporates (up from 28th in 2011), but were not in the top 20 counterparties among any Australasian real money counterparties in this year’s survey.

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