Things have seemed a little quiet at Bank of America's Paris office since the disappearance of Sanaz Zaimi, the glamorous former head of FICC sales at BofA who was supposed to be based in Paris but seemingly wasn't around too much anyway. Now, however, BofA has made a big new hire that refocuses attention on its base in the French capital.
Earlier this month, sources say that Muraari Vasudevan joined Bank of America's Paris office as head of fixed income, currencies and commodities trading. This is confirmed by Vasudevan's LinkedIn profile.
Vasudevan began his career at Morgan Stanley in New York City in 2010 before moving to a series of hedge funds. He worked for Arcem Capital between 2012 and 2014 before moving to Autonomy Capital between 2014 and 2020 and then becoming global head of trading and treasury at Rokos Capital Management in London in July 2020.
Vasudevan was a significant figure at Rokos, where Chris Rokos relies upon excellent traders to execute his ideas. It's not clear why he left again so soon, but it may be related to the fact that Rokos Capital Management lost 26% last year.
Vasudevan's appearance in Paris instead of London lends weight to BofA's Paris office. It also has the potential to undermine the importance of BofA's London fixed income traders after the bank promoted Snigdha Singh and Jan Smorczewski as its new heads of EMEA FICC trading in late December 2021.
The European Central Bank has been undertaking a 'desk-mapping' process, looking at where traders are based in Europe and ensuring that banks have sufficient staff in European offices to handle risk locally. The ECB is expected to make recommendations based on this process soon. Various banks may be obliged to add senior trading headcount in the European Union as a result.
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