Deutsche Hires Goldman Currency Co-Head as Managing DirectorJohn Detrixhe
Deutsche Bank AG, the world’s biggest currency trader, said it hired Gaurang Chadha as a managing director in its North American foreign-exchange investor sales team in New York.
Chadha was co-head of foreign-exchange hedge fund sales for the Americas at Goldman Sachs Group Inc., where he worked for five years, according to a Deutsche Bank statement. Chadha, who was also employed at Citigroup Inc. and ABN Amro Bank NV, will report to Liza Duke and Daniel Swasbrook, co-heads of investor sales, North America.
“Themes in the market have been supportive of our business franchise this year, specifically the interest in Japan and the strong dollar story as macro themes that people have gotten behind,” Hans Ephraimson, managing director and head of foreign exchange, commodities and short-duration sales for the Americas at Deutsche Bank in New York, said in a telephone interview. “Gaurang’s expected contribution, and hires like this, are much longer lasting than any one interim-year increase in flow.”
The yen has fallen 10 percent this year against the greenback. The dollar has rallied against 13 of its 16 most-traded peers during that span.
Currency trading volumes in the U.S. and U.K. rose to records in April, according to the Foreign Exchange Committee’s twice-yearly survey. The average-daily-volume of U.S. currency trading rose 27 percent since October to $1 trillion, the committee said July 29 in a statement. U.K. volume rose 26 percent to $2.55 trillion.
Deutsche Bank, based in Frankfurt, is Continental Europe’s biggest bank and this year was named the biggest currency trader in a Euromoney Institutional Investor Plc poll.