Thomas Harr, who has spent seven years at British multinational bank, Standard Chartered, returns home to Danske Bank as head of currency and raw-material analysis, finanswatch.dk wrote on May 3.
Danske Bank is strengthening their expertise on currency and raw-material analysis, when Thomas Haar took office as senior-analyst, after leaving Standard Chartered, Singapore, where he was head of interest-rates and currency-analysis.
In the press release from Danske Bank, it is highlighted that Thomas Harr will assist in the mission to bring the bank’s expertise to better serve its customers.
“I can draw upon my experience from one of the world’s biggest emerging-market banks, and I have built up a network, which can be an asset as well. I am used to sales, trading and research as integrated units – so for me it is obvious that this is the way to go in Denmark as well. The new FICC structure appeals to me, because these areas overlaps each other in many ways ” he said to FinansWatch.
FICC is a business model where fixed income, currency and commodities – which means bonds and raw-material – are integrated under the same unit in Danske Bank Markets. A structure that Nordea has used for for years, and likewise a common practise around the globe
“The biggest difference between how we operate in Denmark and how the biggest global banks in Asia do, is that out here(in Singapore) research is so closely integrated with sales and trading. Research has to have a centered position. Then the analysis also has to be directed specifically towards different clients. That might seem obvious, but it is ever important, “ Thomas Harr stressed.
To demonstrate how it works, he gives a concrete example: A business-client has his production unit set up in Poland and sales in the rest of the EU. He therefore has expenses in Polish zloty and income in Euro, that’s why he should take some interest to the currency-market.
“The starting point for this client is he needs to establish an opinion as to whether the Polish zloty is expecting to rise or fall against the Euro. But the most important issue is whether he should hedge the risk, and what is best option for him to do that.”
That means currency-analysts have to adjust their mindset closer to the clients. There is a big difference in preparing an analysis of the zloty for a personal pensions fund and one for a business-client. The latter has to be presented with options on how to hedge the risk beneficially.
Thomas Harr is getting ready to relocate from Singapore after seven years, before taking office on July 15 at Danske Bank, the company he left for Standard Chartered, so it is a homecoming on many levels, he said to FinansWatch.