NEW YORK, May 27, 2004 (PRIMEZONE) -- BNP Paribas (Pink Sheets:BNPQY) announced today the appointment of Angus Duncan to its Interest Rates Group as Director, Head of MBS Proprietary Trading. Mr. Duncan will report to Zbigniew Ryzak, Head of the Interest Rates Group in New York, and will be responsible for overseeing the firm's efforts to build a comprehensive mortgage risk management and pricing platform.
Duncan joins BNP Paribas with over 15 years of mortgage trading experience. Most recently he was an investor and member of the Board of Directors of Verticalcrossing Inc., an internet mortgage bond trading platform company based in New York City. Before that, he spent six years at Deutsche Bank, initially as head of their residential mortgage trading business and eventually moving up to head the firm's proprietary mortgage trading activity. Prior to this, Duncan worked in various proprietary fixed income trading capacities for HSBC and Chemical Bank, respectively.
In commenting on the new hire, Zbigniew Ryzak stated, "Angus comes to BNP Paribas with the mandate to build a successful, proprietary mortgage arbitrage desk specializing in the trading and positioning of MBS collateral and structured CMO's. As the firm moves forward with its plans to build a full-fledged U.S. mortgage business, Angus' strong trading background and impressive track record will help BNP Paribas further expand its mortgage expertise."
BNP Paribas' Fixed Income presence in the U.S. includes significant derivatives and rates trading businesses. The additional trading expertise in the mortgage backed securities area will allow the firm to continue to build a successful trading platform and provide its clients with a broader range of products.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United Sates and leading positions in Asia. The most profitable bank in the Euro zone, it has a presence in 85 countries with 89,400 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.
Headquartered in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD broker-dealer and member of SIPC, BNP Paribas Securities Corp. underwrites, trades and markets a vast array of global and domestic fixed income and equity products. In the U.S., BNP Paribas offers retail banking and financial services through BancWest Corporation, a wholly owned subsidiary.