BNP Paribas is expanding its New York foreign exchange institutional sales team, according to Nigel Babbage, global head of currency options in New York. Babbage said the move is aimed at meeting the rapid growth of the hedge fund market in the U.S. BNP plans to hire two or three senior marketers by year-end.
"It's no secret what the hedge fund market is going through and we want to be there to service our clients. It's a real growth area," said Babbage. As part of the plan, BNP has hired Garry Bale, a senior foreign exchange marketer at JPMorgan, to fill a similar position in its New York group, Babbage said. Bale, who joined the firm about two weeks ago, reports to Martin Ferraro, head of the institutional sales team.
While at JPMorgan, Bale reported to Scott Gallopo, head of the New York foreign exchange sales division. Gallopo did not return calls.
