Bank of America has hired David Singer, interest-rate derivatives trader in the emerging markets group at ING Financial Markets in Hong Kong, as a group of seven forwards trader in Singapore as part of an expansion for its fx business. Lee Chee Pin, head of foreign exchange at Bank of America in Singapore, said the hire is part of a global strategy to boost its foreign exchange division. He added that BofA is considering adding one or two additional fx traders to its desk in Singapore.
Lee continued that the initiative to bulk up the foreign exchange operation is being spearheaded by Larry Baum, global head of fx trading in New York, who joined earlier this year from Barclays Capital. Lee referred further queries to Baum, who did not return repeated calls.
Prior to his four-month stint at ING, Singer was head of short-term interest-rate trading at Standard Chartered Bank in Hong Kong (DW, 5/5). At ING, Singer reported to Tim Fallowfield, director of emerging markets in Hong Kong. Fallowfield said that while the existing team will assume Singer's responsibilities for the Hong Kong dollar interest-rate trading book, he is looking to hire two traders to cover other Asian currencies to add to the current team of 10. Fallowfield declined comment on why Singer was at ING for such a short time.
Singer, who starts in the coming weeks, could not be reached for comment.
