The National Australia Bank is midway through a concerted effort to broaden its reach into the corporate and funds management sectors. Since January, the bank has relocated several senior managers in an effort to place local heads of markets in each of its major centres.
NAB shuffled the deck at the beginning of the year, moving Graeme Liddell from New Zealand, where he ran derivatives, to Sydney to oversee the Australian FX operation. He succeeded Shane Galligan, who shifted to London to oversee FX in the City. Galligan’s position overseeing FX sales and trading is a new one for the bank, so both the FX trading and sales managers now report to him.
Meanwhile, in New York, Robert Cone was named head of markets for New York, taking that responsibility off the shoulders of global head of FX, John Richards, who also held the treasurer’s title. Cone had been assistant treasurer before his promotion in January.
In terms of sales, Richards explains that NAB Australia and New Zealand have been adding staff over the past 12 months, broadening the range of skills the two centres have traditionally had.
In January, Mark Adams joined the bank in Sydney to run institutional sales in a newly created position. He was previously in a similar position at NatWest Markets in London. In March, Jonathan Prince joined Adams on the Sydney desk from NatWest Singapore.
“The sales drive is a global effort,” says Richards. “While the Australian drive, which began about a year ago, will continue to be focused on corporates, we will also be adding to the institutional funds management effort as well.”
To lead this effort in New York, Glenn Cole joined the bank in April as the new head of sales for its North American markets division. Cole, who reports to markets chief Cone, was previously head of corporate sales for the former Credit Suisse, prior to its merger with Credit Suisse First Boston. His is a new position at the bank, overseeing sales for FX, money markets and derivatives.
In addition to Cole, NAB made two additional senior sales hires in March. Claire Lobo joined as a derivative sales dealer, while Belal Khan joined the FX sales desk. Both were previously with the Royal Bank of Canada in New York. Late last year, NAB hired Christine Fortunado for its money markets sales team.
While Cole oversees all of the bank’s New York sales activities, he has three counterparts on the trading side: senior vice president Lillian Deraney heads money markets; vice president Tom DeMaio heads derivatives; and vice president David Hannigan runs FX.
“Looking at the bigger picture, there is so much business going through the electronic matching services by the banks and investment banks, we found that the institutional marketing desk was becoming less relevant, so we’re now looking for deeper penetration into the corporate market,” Richards says.
“But we will also be stepping up the funds management aspect of our sales activities in New York,” he adds, “So we’re looking for a few more sales people for that, as well as for our sales team in London.”