Standard Chartered has continued its recent fixed income sales hiring spree, and has just brought in Michael Agridhiotis as its new head of central bank sales, based in London.
Agridhiotis has worked in investment banking for over 30 years, and was latterly a managing director and head of sales for central banks and sovereign wealth funds at Scotiabank in London. He has held various senior sales roles over the years – he joined Scotiabank in 2013 after more than 10 years at RBC Capital Markets in London, latterly as co-head of central bank sales. He ran the sales team alongside Hong Kong-based Glenn Anson, who also left four years ago and is now head of FICC sales for EMEA at BMO Capital Markets in London.
Agridhiotis is the third significant fixed income sales hire at Standard Chartered in a matter of weeks. As we revealed last week, it hired Jonathan Harding to lead its emerging markets institutional rates sales division in London and Mei Ling Limas as head of credit sales for Asia-Pacific based in Singapore. In September, it brought in Savady Yem, the former head of fixed income sales for Asia at Credit Suisse, as global head of private sales, based in Singapore.
Most investment banks have indulged in senior sales and trading hires within their credit and rates divisions, in spite of lacklustre fixed income revenues throughout 2017. A combination of deep cuts to the teams over the past two years and an eye on investing in talent for the medium-term – rather than making decisions based on quarterly fluctuations – has meant that the past few months have been one of the busiest for fixed income recruitment since 2008 the financial crisis, according to analysis by consultants Greenwich Associates.
Standard Chartered has emerged as an active recruiter across the U.S., Singapore and London as it looks to rebuild its markets business under Roberto Hoornweg, a former partner at hedge fund Brevan Howard, who was hired as global head of financial markets in December 2016. So far this year, Standard Chartered hired Jens Andersen and Molly Duffy as co-heads, financial markets in the Americas in July and named Matthew Hastings as global head of commodities in August as well as a string of managing director appointments throughout the past few months.
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