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Camacho's appointment as head of BNY ConvergEx Global Markets Asia signals the agency broker's ambition to grow its business in the region.
Camacho, previously a senior vice-president for BNY ConvergEx Group's Global Markets unit in New York, will now manage all aspects of that business in the Asia-Pacific region from Hong Kong. His role includes overseeing all sales and trading, client development, and trading technology infrastructure. He reports to Anthony Blumberg in New York.
BNY ConvergEx specialises in global agency trading in over 94 markets worldwide, including global portfolio trading, single stock and block-trading, portfolio rebalancing, foreign exchange and liquidations. It has centralised its operations in Asia; instead of having an office in Seoul and Hong Kong, it will now run the business from Hong Kong only.
"We are trading in 60 markets on a monthly basis with over 100 clients and we trade an average of about $1 billion a week in Asia. I expect us to double our volumes in a year's time," says Camacho.
With eight staff currently on board in Hong Kong, the group is looking to expand with four additional hires in the next six months.
In markets such as China and Singapore there are still opportunities for enhanced alpha and recent GDP figures from Singapore attest to this growth trend, Camacho says.
"We have good execution and trading platforms and also strong relationships in Asia, so we are strengthening our team here to maximise those opportunities," he says. "We are also seeing increased demands from clients who want their brokers to be able to react quickly to changing market conditions."
The firm has also boosted its presence in Japan with the appointment of Yasuo Kitagawa as head of Japan product sales for BNY global transition management. Kitagawa is responsible for business development in Japan for the pension fund, insurance and asset management sectors.
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