Newedge plans 50 new hires in Asia sales
Newedge, the Paris-based brokerage formed through a joint venture between SocGen and Credit Agricole CIB, has revealed its intentions to significantly ramp up its Asia sales force as part of its expansion plan. The firm scaled back operations following the financial crisis, like many others, but as head of Newedge Asia Pacific, Laurent Cunin (pictured), told Bloomberg: “We’re being aggressive in customer-facing positions, roles that will help grow the business.” Fifty new hires have been earmarked to join Newedge’s current staffing pool of approximately 475, with India and China identified as key growth markets. Recently, the likes of UBS, HSBC and Julius Baer have embarked on similar hiring strategies to tap into the region’s fast-paced economic expansion. Cunin points out that the firm, in addition to adding headcount, is also expanding its product suite in response to growing interest from European and US clients in Asian derivatives trading. “My goal is to grow Asia’s share of revenue, which is about 10 to 15 percent of the group’s total,” Cunin was quoted as saying.
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