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BNP Paribas Reorganises Fixed Income

BNP Paribas (BNPP) is reorganising the structure and management of its fixed income division by dividing the business along trading and marketing lines. Under the new structure, FrNLG©dNLG©ric Janbon is global head of trading, overseeing all risk taking business across rates, FX and credit. The marketing side is run by co-heads David Brunner, who is relocating from New York to London, and London-based Paul Hearn, who have joint responsibility for all client-facing activities (origination and distribution). All three report to Jacques d’Estais, global head of fixed income.

In 2001, the bank organised the fixed income division along three global business lines – rates (which was headed by Janbon), FX and credit. BNPP says the decision to split the structure along trading and marketing was based on clients’ demand for greater integration between fixed income asset classes and the types of products provided. "Although some recent organisational changes had been made in the regions in which we operate, we believed that our sales structure needed to be further adapted in order to meet more easily our clients’ requirements and our business targets," the bank says in a statement. "BNP Paribas also felt it needed to adopt a more integrated approach to taking risks across asset classes in order to capture more trading opportunities."

Within FX, the changes mean that Paris-based Henri Foch, global FX trading manager, will report to Janbon, while Loic Meinnell, who was global FX manager in London, has been assigned a new role, according to the bank. Meinnell will work alongside d’Estais, and assist in the transition to the new structure.

Meanwhile, David Ovenden, formerly global head of credit, has "decided to explore other interests outside investment banking", according to the bank. He will commence a 12-month period of "exceptional special leave" in March, whilst remaining an employee of the bank.

In addition to the management changes, Bob Hawley will move from Tokyo to New York to take responsibility for Fixed Income Americas; Hiraru Ogata replaces him as head of Fixed Income Japan; and Eric Nicolas remains head of Fixed Income Asia (ex Japan).

The Fixed Income Executive Committee members now include Brunner, d’Estais, Francois Freyeisen (COO of Fixed Income), Janbon, Hawley, Hearn, Nicolas and Ogata.

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