StanChart, BofA and ANZ Are Hiring India’s Senior Traders From Rivals

(Bloomberg) -- Standard Chartered Plc, Bank of America Merrill Lynch and Australia & New Zealand Banking Group are among banks hiring senior currency and rates traders away from rivals in India after volatility in markets surged.

Parul Mittal Sinha, formerly from Deutsche Bank AG, will join Standard Chartered, according to people with knowledge of the matter. Vaneet Gupta will also join from ICICI Bank Ltd., where he was part of a proprietary trading team, said the people who asked not to be identified as the information isn’t public.

The spate of hiring is taking place after annual bonuses were paid, which typically sets off a period of personnel moves. The rupee was Asia’s most volatile currency in the past year amid a rout in emerging market assets, while bond markets have been roiled by rising supply.

Other bankers and traders on the move, according to people with knowledge of the matter, include:

• Kuldeepsinh Jagtap, senior vice-president at ICICI Securities Primary Dealership Ltd., will join Bank of America Merrill Lynch’s trading team
• Nitin Agarwal was appointed as head of trading for India for ANZ in late March, according to Brenda Chai, a spokeswoman at the bank. Agarwal was previously a director at Barclays Capital
• Nitesh Kumar, a fixed income and currencies trader at Deutsche Bank, was hired by JPMorgan Chase & Co. in Mumbai
• Ajay Manglunia has quit as head of fixed income for Edelweiss Financial Services
• Standard Chartered and Deutsche Bank declined to comment. Representatives for Bank of America Merrill Lynch, Edelweiss Financial Services, JPMorgan and ICICI Bank didn’t immediately respond to emails seeking comments

--With assistance from Divya Patil.

To contact the reporters on this story: Subhadip Sircar in Mumbai at ssircar3@bloomberg.net;Anto Antony in Mumbai at aantony1@bloomberg.net

To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net, Nicholas Reynolds

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