Brown Brothers Harrimans (BBH) Foreign Exchange announced today that it has opened a new FX desk in Hong Kong, offering access to a full array of 24-hour foreign exchange trading services in conjunction with New York, London and Tokyo locations. The Hong Kong desk, headed by Chris Gothard and Thomas Haimelin, will help provide Asia based clients with the competitive execution, seamless coverage, and world-class global currency research for which BBH foreign exchange is renowned.
The opening of the Hong Kong desk is in response to the varied and fast-changing local markets including the recent increase in Chinese renminbi trading in Hong Kong (CNH).
This is an exciting time for foreign exchange in Asia. says Andrew Tucker, partner responsible for Asia and BBHs Global Foreign Exchange product. Over the last three years BBH has seen a compound annual growth rate of 38% in customer volume in the region with 2010 showing a record 68% growth in FX volume. We felt the time was right to establish a new FX desk in Hong Kong to better service our growing local client base.
To support the growth in business, BBHs Foreign Exchange group has continued to make strategic hires in Asia and Europe.
Noriyuki Kato joined the Relationship Management and Sales team in Tokyo as Head of FX for Asia, reporting to Henry Wilkes, Global Head of FX Relationship Management and Sales. Mr. Kato comes to BBH with over 25 years of experience. Previously Mr. Kato was at DIAM Asset Management as Head of Institutional Sales, and State Street Bank & Trust in Tokyo as Head of Foreign Exchange Sales and Treasury operations.
Masashi Murata joined the Global Currency Strategy team in Tokyo, providing regional and emerging market coverage. Previously Mr. Murata held the role of chief economist at GCI Capital and economist at Mitsubishi UFJ, and is well known in the Japanese financial media regularly appearing on CNBC.
Ilan Solot recently joined the Global Currency Strategy team in London, also providing emerging market currency analysis. Mr. Solot spent three years at the foreign exchange trading desk of the Federal Reserve Bank of New York before joining the EM strategy team at Medley Global Advisor.
Both Murata and Mr. Solot report to Win Thin, Global Head of Emerging Markets Currency Strategy.
Lena Komileva joined the Global Currency Strategy team in London this month, as Global Head of G10 Research, reporting to Marc Chandler, Global Head of Currency Strategy. Ms. Komileva previously headed G7 Market Research at Tullett Prebon, with her commentary regularly appearing on CNBC and Bloomberg, as well as in the Financial Times and Wall Street Journal.
We are excited to welcome Ms. Komileva, Mr. Solot, Mr. Kato, and Mr. Murata to our team. said Marc Chandler and Henry Wilkes. Together they bring an incredible wealth of experience and expertise to our currency research and trading services and will provide clients with important insight and direction.