Bank of America is setting up a new FX proprietary trading unit under Mark Brown, who joined the group on 20 March from HSBC, confirms Richard Breslow, global head of FX trading in New York.
The bank currently has about seven proprietary traders between its New York, London and Hong Kong offices, but Breslow explains that the new unit will operate separately.
“In the past, we have had individual traders operating across the three centres, but this new group will take a more co-ordinated approach to their portfolio. We’re looking for people with complementary skills to create a real portfolio of risk,” Breslow says.
The size of the team will depend entirely on finding the right people for the job, but Breslow anticipates having about five dealers by year-end, and possibly increasing this to eight over the following year.
Brown, who reports to Breslow, will spend six months in New York before transferring to London.
Brown transferred to New York from London last summer when HSBC acquired Republic National Bank of New York, where he was the global head of FX trading. In New York, he was acting as HSBC’s head of traded markets for the US before joining BofA. Prior to RepNat, Brown worked for JP Morgan, most recently as head of FX trading for Europe, based in London.
Breslow himself was appointed as the new global head of FX trading in conjunction with Brown’s hire. Prior to his promotion, Breslow was overseeing FX trading for the US, Europe, Middle East and Africa regions, so he has added options trading and the Asia region to his oversight.