LCH hires Verma from Citigroup to run Asian sales

LCH has hired Citigroup’s former Asian head of swaps clearing and FX prime Rohit Verma as head of Asia, replacing former regional head Kate Birchall who has moved to London.

LCH, the leading global swaps clearer, said in a statement on Thursday that Verma will become its head of Asia Pacific on July 26. Based in Singapore, he will report to Isabelle Girolami, the chief executive of LCH Ltd.

Girolami said: “Rohit has extensive experience of the derivatives markets in Asia and across the world. Asia Pacific is a region of strategic growth and importance for LCH and I look forward to working with him and our local teams to grow our presence further.”

LCH said Verma will be responsible for driving LCH sales in Asia, leveraging its offices in Singapore, Sydney and Tokyo.

Verma said: "Asia is an immensely diverse and dynamic region and LCH is committed to supporting the markets in mitigating risk and promoting capital efficiencies in multiple asset classes.”

He joins LCH from Citigroup where he worked for 11 years, latterly as the US investment bank’s head of over-the-counter (OTC) clearing and FX prime brokerage for the Asia Pacific region.

Verma joined Citigroup as a director of futures and OTC clearing in mid-June 2012 from Deutsche where he worked for two and-a-half years in asset management.

He started his career at Siemens in 2000 before moving to Credit Suisse and LBBW, a German bank.

The new Asia head will replace Kate Birchall, LCH’s former head of Asia Pacific who moved to London earlier this year to manage global sales for LCH.

LCH hired in May the former head of FX trading at RBS James Pearson to run its FX clearing arm, replacing former FX head Paddy Boyle who left the London-based clearing house earlier this year.