ABN Hires Ex-Goldman Equity Bigwig

ABN AMRO has hired Raahil Bengali, a senior equity derivatives trader and latterly a prop trading chief at Goldman Sachs in London, as head of equity risk and cross-product trading. Adrian Rimmer, spokesman for ABN in London, confirmed the hire, declining further comment. Bengali referred calls to Rimmer and Frank McKirgan, head of equities trading, did not return calls. Rebecca Nelson, spokeswoman for Goldman in London, declined comment on Bengali's move and his precise title at the firm.

Bengali left Goldman last summer after some 10 years at the firm. He is well known in the market and Goldman colleagues knew him by the nickname The Tiger, which, according to officials close to Bengali, is more a reference to his surname than his character. He was not known for being particularly aggressive as a trader, although he was seen as a go-getter. Some equity derivatives market watchers were surprised he had resurfaced at ABN and thought he was more likely to turn up at a hedge fund, but one official said the ABN role could satisfy Bengali's interest in building a business.

ABN lost its former head of equity derivatives trading, Paris Badekas, as well as head of equity derivatives Gary Wolens, in a reshuffle that saw McKirgan named head of equities for both cash and derivatives (DW, 12/3.) But the Dutch house is looking to build its equity derivatives business and made several sales hires (DW, 11/12) as well as expanding its structuring team (DW, 12/10). One official noted Bengali's hire from Goldman, known as a top-tier risk-taking equity derivative firm, to the less aggressive ABN could signal the Dutch house is looking to take on a new role in the European equity derivatives market.