....As It Lifts New Primary Dealer Chief From HSBC
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Ray Remy has been hired byBanc One Capital Markets to head up its primary dealer trading activities. Remy had left his position as a senior Treasury trader at HSBC Securities in London and was unavailable to comment. He will be based in Chicago, be a managing director, and will start today. Jim Gallagher, Banc One's global head of fixed-income trading (and Remy's boss), says the hiring of Remy is a function of "wanting to really expand this area to meet customer needs, given what we're doing in munis, investment-grade and asset-backed securities." He says Remy will have eight agency and Treasury traders reporting to him and that "we will continue to make hires in this area going forward." Gallagher says Mike Donohue, who had been running the day-to-day operation of the primary dealership, will now focus on agency bond origination and issuance, with the goal of eventually leading Banc One Capital Markets into the Freddie Mac and Fannie Mae underwriting groups.
Remy was a 14-year veteran of HSBC's government bond trading operations in New York, and in the past year, London. Pamela Plehn, an HSBC spokeswoman, did not return a call seeking comment as to Remy's potential replacement.