FCA creates new role to improve UK competitiveness

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June 10, 2025

Sarah Pritchard, deputy chief executive, FCA

The FCA has created a new executive role as it seeks to boost UK competitiveness, keep up with increasing stablecoin and crypto regulation requirements, and integrate the Payment Systems Regulator.

Sarah Pritchard, who will take on the title of deputy chief executive, has been an executive director of supervision, policy and competition and international executive director since 2021 and 2023 respectively.

She has also been acting executive director for consumers and competition since November 2024.

Nikhil Rathi, FCA CEO, commented: “Delivering our ambitious new strategy – to deepen trust, rebalance risk, support growth and improve lives – is a collective endeavour and relies on continued reform. Sarah’s breadth of experience, in both public and private sectors, makes her ideally placed to help me drive this.”

During Rathi’s second term as CEO he is expected to improve the UK’s international competitiveness, boost growth and reduce regulatory burdens.

READ MORE: Rathi reappointed at FCA

Earlier in her career, Pritchard was director of the National Economic Crime Centre. She also spent two years as global head of anti-bribery and corruption and global head of reputational risk and client selection at HSBC.

Aroeman leads Indonesian markets as Citi continues South Asia push

By

Lucy Carter

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June 10, 2025

Benny Aroeman, head of markets for Indonesia, Citi

Citi has named Benny Aroeman as head of markets for Indonesia.

Based in Jakarta, Aroeman reports to Sue Lee, head of markets for Asia South and Batara Sianturi, Citi country officer and banking head for Indonesia.

Sianturi commented: “Indonesia is a key market for us. We see client activity increasing across our interconnected businesses as foreign and domestic investments into Indonesia continue to strengthen.”

Citi reported a 12% increase in markets revenues year-on-year for the first three months of 2025, reaching US$6 billion. Equity revenues were up 23% to US$1.5 billion.

“[This was] primarily driven by equity derivatives, on increased market volatility and higher client activity, and momentum in prime services,” the firm stated in its report.

Aroeman has more than 30 years of industry experience and joins Citi from ANZ Indonesia, where he has been head of markets since 2019. He has also held senior roles including head of treasury and markets sales at DBS Bank and deputy head of corporate sales for global markets at HSBC.

His appointment follows several that Citi has in the Asia South region over recent months, including Nattaphan Assavavisessivakul as head of markets for Thailand, Ng Hooi Wan as head of markets for Malaysia, and Christopher Chan as the incoming head of financial institution market solutions for Asia South and Asia North.

Liontrust outsources trading as firm’s performance falters

By

Lucy Carter

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June 9, 2025

A month after its head of trading quit, Liontrust has outsourced its entire trading operation to BNY, citing the need for technology and automation.

Investment fund and institutional accounts for the active asset management firm, which holds £21.6 billion in assets under management and advice (AuMA), will now be traded by the BNY buy-side trading solutions division. Liontrust’s UK-based traders are joining the team.

John Ions, Liontrust CEO, commented: “Trading for asset managers has changed significantly over the past few years with the increasing use of automation and technological developments. While this presents opportunities for greater efficiency and returns, it also requires careful management of the associated risks and a significant investment in technology to compete. Our collaboration with BNY will enable Liontrust to achieve this.”

Despite attempts to recover from a 28% decline in profits in H1 2024, according to its most recent trading update Liontrust’s AuMA fell by 8.1% year-on-year to end-March. Net outflows increased from £1.2 billion to £1.3 billion.

In the update, Ions said: “Our focus remains on what is within our control. We continue to develop the business and are confident we have been making the right changes to ensure it is in the best possible shape for the future.”

The firm also lost its head of trading last month.

Liontrust has been chasing international expansion in recent years, building out its presence with appointments in Switzerland, the Middle East and Asia in 2025. Close to half of its investments and trading now take place outside of the UK. It expects the partnership with BNY to enhance its international provisions.

“BNY has extensive global trading capabilities that will provide sophisticated execution, operational efficiency and economies of scale for Liontrust and our clients,” Ions noted.

Outsourced trading has increased in popularity over recent years, thanks to its time- and cost-saving capabilities. However, a number of market participants warn that value may be lost if firms opt for outsourcing. As one equity COO told Global Trading earlier this year: “There are certain advantages to having an internal trader that are difficult to achieve without them.”

Kepler completes UK hiring spree

By

Lucy Carter

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June 6, 2025

Sam Dawson, high touch sales trader for UK hedge fund clients, Kepler Cheuvreux

Kepler Cheuvreux has appointed Sam Dawson as a high touch sales trader for UK hedge fund clients, effective September.

Based in London and reporting to Chris Jay, UK head of sales trading, Dawson is responsible for the development and expansion of the company’s execution strategy in the UK.

Most recently, Dawson was a high touch sales trader at Redburn Atlantic. He has also held similar roles at Jones Trading and Carax.

A spokesperson told Global Trading: “We have recruited Sam Dawson as a high touch sales trader as we expand and develop the KCx execution strategy, focussing on hedge funds. Sam follows the hire of Ed Bowler, also into high touch sales trading.”

Ed Bowler joined the firm as a high touch equity sales trader from Nordic investment bank ABG Sundal Collier last month.

Commenting via LinkedIn, Chris McConville, head of KCx, affirmed: “[Dawson’s] hire completes this phase of our HT sales trading build out in the UK.”

UBS bolsters equity derivatives team as revenues soar

By

Lucy Carter

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June 6, 2025

Reza Dehgan has joined the UBS equity derivatives team, based in New York.

He reports to Thibaut Delahaye, global head of equity derivatives at the firm.

UBS reported US$12.6 billion in total revenues for Q1 2025, with revenues for the derivatives and solutions business up 38% year-on-year to US$115 million. UBS attributes this growth to higher volatility and client activity in equity derivatives and FX.

Dehgan has 15 years of industry experience and joins UBS from Walleye Capital, where he has been a trader since 2023. He began his career as a sales trader at Societe Generale Corporate and Investment Banking, where he remained for almost eight years.

Atharv Deokule joins Standard Chartered quants

By

Lucy Carter

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June 6, 2025

Atharv Deokule, quant analyst, Standard Chartered

Atharv Deokule has joined Standard Chartered as an front office equity quant analyst within the modelling and analytics group (MAG).

Based in London Deokule reports to Marten Agren, global head of MAG.

Standard Chartered reported US$1.6 billion in profits in the first three months of the year, a 14% increase year-on-year. Capital markets revenues were up 66% to US$96 million.

Deokule joins from HSBC, where he began his career in 2019 as a quant analyst on the equity research team. He relocated to the London office from Bengaluru in 2022.

De Pracomtal named ECM director at Stifel

By

Lucy Carter

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June 6, 2025

Jean de Pracomtal, equity capital markets director, Stifel

Jean de Pracomtal has joined Stifel as equity capital markets (ECM) director. He is based in Paris.

In the first three months of 2025 Stifel reported US$1.3 billion in net revenue, with investment banking revenues up 11% year-on-year to US$232 million.

De Pracomtal has been in equity capital markets since 2014, when he joined Bryan, Garnier & Co to manage transaction processes. He then spent almost six years with Barclays Investment Bank in Madrid before rejoining Bryan, Garnier & Co as a director in September 2024.

Joseph Bello heads UK ETF distribution at Goldman

By

Lucy Carter

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June 6, 2025

Joseph Bello, head of UK ETF distribution, Goldman Sachs

Joseph Bello has joined Goldman Sachs as head of UK ETF distribution. He is based in London.

Goldman Sachs Asset Management operates 49 listed ETFs globally, 17 of which are active. It holds a total of US$38.7 billion in assets under supervision.

Bello has more than 20 years of industry experience and joins Goldman from Invesco, where he was head of UK institutional and asset manager ETF sales.

Earlier in his career, he spent almost five years at BlackRock leading asset manager, iShares ETF and index sales. Prior to this, he was vice president of EU telecom and media specialist sales and a vice president in the US equity sales division at Nomura

Darryl Abdoelgafoer promoted at Cboe Clear Europe

By

Lucy Carter

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June 6, 2025

Darryl Abdoelgafoer, lead credit and market risk, Cboe Clear Europe

Darryl Abdoelgafoer has been promoted to lead credit and market risk at Cboe Clear Europe.

Based in Amsterdam, Abdoelgafoer has been a senior risk manager at the firm since 2021.

In 2024, Cboe Clear Europe reported €35.7 million in revenue, up 21% year-on-year. In 2024, the firm provided central counterparty protection for an average €49.3 billion daily.

Abdoelgafoer has a decade of industry experience, previously serving as a recovery and risk resolution specialist at Eurex Clearing and a resolution officer at De Nederlandsche Bank, the Dutch Central Bank.

McCormack swaps Panmure Liberum for Redburn Atlantic

By

Lucy Carter

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June 6, 2025

Brian McCormack has joined Redburn Atlantic as an electronic sales trader after 13 years at Panure Liberum. He is based in London.

Redburn Atlantic, a research and brokerage firm owned by Rothschild, provides research, execution and equity capital market services across Europe and the US.

McCormack has 28 years of industry experience, holding equity trading roles at RBS Markets and International Banking, ABN AMRO Bank, Shore Capital and HSBC Securities.

He began his career as a futures trader at GNI.

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The FCA has created a new executive role as it seeks to boost UK competitiveness, keep up with increasing stablecoin and crypto regulation requirements, and integrate the Payment Systems Regulator.

Citi has named Benny Aroeman as head of markets for Indonesia.

A month after its head of trading quit, Liontrust has outsourced its entire trading operation to BNY, citing the need for technology and automation.

Kepler Cheuvreux has appointed Sam Dawson as a high touch sales trader for UK hedge fund clients, effective September.

Reza Dehgan has joined the UBS equity derivatives team, based in New York.

Atharv Deokule has joined Standard Chartered as an front office equity quant analyst within the modelling and analytics group (MAG).

Jean de Pracomtal has joined Stifel as equity capital markets (ECM) director. He is based in Paris.

Joseph Bello has joined Goldman Sachs as head of UK ETF distribution. He is based in London.

Darryl Abdoelgafoer has been promoted to lead credit and market risk at Cboe Clear Europe.

Brian McCormack has joined Redburn Atlantic as an electronic sales trader after 13 years at Panure Liberum. He is based in London.

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