Goldman Sachs Asset Management has a new head of foreign exchange (forex) in its London office – Arnab Nilim, a former currency portfolio manager, according to a report from FX Week this Friday.
The change in roles, which is also reflected on Nilim’s LinkedIn profile, occurred this month. Specifically, it states that he is now a Managing Director and Head of Currency with the firm. Originally based in New York, he has moved to the capital city of England to take on the new role, his profile states.
Before he was employed at the asset management division of Goldman Sachs, Nilim was employed at AllianceBernstein, a global investment management and research firm with more than $500 billion in assets under management.
According to his LinkedIn profile, Nilim joined the investment firm in March of 2012 and worked as the Senior Vice President and Lead Currency Portfolio Manager for seven years up until this month.
Prior to his seven-year stint at AllianceBernstein, Nilim was working for Citi, also for just over seven years, from January of 2005 until February 2012. While here, he held the position of Vice President and Emerging Markets Currency/Rates Derivatives Trader.
Before his career in currency trading began in 2012, Nilim spent six years at the University of California, Berkeley from 1998 until 2004. In 2004 he graduated with a Ph.D. in EE (Stochastic Controls/Optimization). He was also awarded the Leon Chua Award for Best Research in Non-Linear Sciences, his LinkedIn profile states.
Low Volatility Weighs on FX Trading
Nilim joins Goldman Sachs during a period of low volatility for FX trading. As FortuneZ reported, Goldman Sachs’ trading teams saw their worst fourth quarter in almost a decade, with the firm revealing that it lost money on 19 days during the final three months of last year via a regulatory disclosure.
So far this year, brokers and trading venues have also reported lackluster first-quarter results, with many sighting low volatility, and in the European Union (EU), lower levels of client activity.