Merrill Lynch Makes Key Hires As Forex Integration Continues

Merrill Lynch is continuing its expansion plans previously set in motion under global FX manager Joseph Argilagos (FXW, April 17, 1994), with a broader role evolving for the Tokyo operation and key appointments in sales and trading.

Last month, Argilagos was appointed head of a new client strategies group, which was designed to create a global operation that can advise clients on strategy for debt, equity and FX.

Managing director Argilagos is responsible for the global marketing and sales for structured, over-the-counter and listed derivatives in debt, equity and FX, and maintains his responsibility for global FX sales. The client strategies group reports to the umbrella organisation, the institutional client group.

Because of these changes, Argilagos has handed over part of his responsibility, that of FX trading, to Steve Belotti, formerly manager of non-dollar operations in London, who will move to New York to take up his new position later this month. Foreign exchange trading falls under the fixed-income group, which also includes derivatives, securities and corporate bond trading.

In addition to the appointment of Belotti as FX trading chief, Merrill has made several hires to boost its global thrust. Shizuo Onishi, formerly of Chase Manhattan Bank, was hired to run a Japan desk in New York which enables the investment bank to service its Tokyo client base on a 24-hour basis, says Argilagos.

Furthermore, Hitoshi Yoshida, who played a key role in setting up the operation in Singapore when Merrill relocated its desk there from Tokyo last year (FXW, February 28, 1994), will concentrate on continuing to increase Merrill's presence and profile in the Japanese market sector, which Argilagos says will in turn bring more information to the U.S. and European client base.

"These moves are part of the on-going effort to do several things: to continue to bring top-notch internal talent to the FX department, put more emphasis and resources into foreign exchange and to continue to integrate the FX distribution operation with our mainstream debt and equity distribution business so we can raise our profile with our client base," says Argilagos.

Merrill recently made two key hires in sales, including Roberto Tarricco in Italy and Sharon Goh in its Singapore hub (FXW, July 31). Graham Edwards, director-in-charge of FX sales for Europe says Tarricco will manage the development of Merrill's FX and currency options business in Italy, while Goh will concentrate on North Asian clients.

Also in sales, Bill Sutton is returning to Merrill in London as a senior member of the sales desk, says Edwards. Sutton moved to Nomura in London for about a year, but rejoins Merrill this month. Argilagos says an addition will be made to the sales desk in New York as well.

Under Belotti, the FX trading responsibilities in New York are divided between Seth Garrett, who runs spot trading in all currencies (excluding EMS), and Guy Piserchia who runs spot trading in EMS currencies and forwards trading for all currencies. Wayne Grigull manages New York sales.

In London, Edwards heads sales and Gary Kaye runs the trading side. In Singapore, John Key runs trading and sales and is also responsible for Tokyo. Tokyo is covered jointly by Onishi and Yoshida, says Argilagos.

Argilagos says the investment bank plans to continue to boost its distribution and trading capabilities. "We have brought in a decent amount of talent for our derivatives operation and also think we've carved out a pretty strong niche in emerging markets globally," he says. "These are areas we are still continuing to bolster."

In options, UK-based global manager John Wareham says John Langley was brought in from Banque Paribas in London as a senior trader and that other hires are anticipated in coming months.