BAML Slims down FX Business, Parts Ways with Two FX Heads

The FX industry continues to face an upheaval in the institutional realm, this time culminating in the departure of FX Heads Doug Horlick and Sowen Ng from Bank of America Merrill Lynch (BAML).

With the summer holidays officially ending, the industry is witnessing and uptick in personnel moves, namely across the FX industry. These movements have also extended to BAML as the banking group axed two senior officials on two continents in a bid to cut its investment banking business.

Doug Horlick, the Head of FX Institutional Sales for the Americas, has parted ways with BAML, ending a five-year stint. He was previously in charge of FX hedge funds at Goldmach Sachs before joining BAML, whilst also serving in a senior FX sales role at Citi between 2004 and 2005.

Conversely, BAML has also waved goodbye to Sowen Ng, Head of Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) FX sales in Hong Kong. The move represents a curious one, given the already emerging signs of recovery in FX volumes, specifically institutional volumes in recent months. It is unclear where both individuals will end up at this juncture or whether BAML will continue its personnel consolidation.