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CAI Expands Global Forex & Treasury

Credit Agricole Indosuez (CAI) has made a number of hires in recent weeks, as well as promoted several senior managers to take the business forward, reports Bassem Snaije, co-head of Global Forex & Treasury (GFT).

Snaije, who splits his time between London and Paris, jointly heads the GFT business with Paris-based Thomas Gadenne. Both Snaije and Gadenne report to Andrew Watson, head of CAI’s Capital Markets Division.

GFT has a five-member global management team that oversees activities in the bank’s 18 global trading rooms. Mark Clarke, who previously oversaw the spot dollar/yen book in London, has been named to the management team as head of spot trading globally.

Additionally, Herve Martin, previously treasurer in Singapore, is transferring to London to take up the role as head of global emerging markets. To further bolster the emerging markets effort, CAI has hired Andreas Putz, formerly head of Commerzbank in Frankfurt, to oversee the business in London. The emerging markets group has desks in London, New York and Singapore. Snaije says the group is active in many regions, particularly Asia, but aims to further develop its presence in the Middle East, Eastern Europe, South Africa and Brazil.

Keith Underwood, who joined the bank two years ago from Lehman Brothers, oversees global FX options from London. Underwood’s options franchise is being expanded, particularly in the area of structured products, says Snaije. The team currently has 16 traders located in London, Singapore, Paris and New York. Roger Bosch, formerly of UBS in Zurich, has recently joined the bank and will be transferring to New York to help develop the business.

Rounding out the management team are François Goberville, head of global short-term interest rate trading in Paris, and Jacques Alban Callies, global head of money markets in Paris.

A sixth position on the team will be taken up when a permanent replacement is named for Uwe Fuehrer, formerly head of FX and treasury sales, who left the business several months ago. London-based Roger Allen and Jorgen Olssen are jointly overseeing the sales team during the interim period.

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CAI is also expanding its presence in Japan with a number of new hires to support the bank’s strategy to increase its activities among the asset management and corporate communities, says Snaije.

The build-up in Japan stems from the 1997 merger between Banque Indosuez and Credit Agricole, says Snaije, which now puts the bank in a better position to expand its capabilities. ‘Previously, we had to stick to niche areas of strength, but now we can build our presence in Japan to match that in other centres,’ he says.

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