UBS hires former Deutsche options trader to run Asia FX options
UBS has hired Deutsche Bank’s former head of CEMEA FX options trading as its new head of Asia FX options, the bank has confirmed to EuromoneyFXNews.
Manu Tripathi, who will be based in Singapore, joined the firm on Monday, and will report to Mukesh Dave, co-head of EM Asia macro trading. Tripathi, who was at Deutsche for 21 months, ran a team of four traders covering Russia, Turkey, South Africa, Eastern Europe, CIS and the Middle East. He left the bank in January.
In an interview with EuromoneyFXNews last month, George Athanasopoulos, UBS’s global co-head of FX, said the bank was boosting its resources in the Asia region, now the fastest growing component of the emerging FX markets. Asian FX volumes, including China, now represent 12% of global turnover.
In the corporate sector – the biggest client group in emerging FX markets – UBS was ranked 21st in Asia, excluding Japan and Singapore, in Euromoney’s 2011 FX survey. Its two main rivals, Deutsche Bank and Barclays Capital, were ranked sixth and seventh respectively.
"EMFX is an important product in UBS's offering to its global client franchise and we continue to invest in it. Manu is a strong addition to our team and will boost our capabilities further" said Bala Venkatesan, co-head of EM Asia.
In the FX options market, UBS ranked second, behind Deutsche Bank, for market share in Asia, excluding Japan and Singapore, in the 2011 survey, the first year that options had been included in the Euromoney poll. Globally, UBS was ranked 5th in options.