The DWS Investments operation had no system and workflow connectivity for its 3 regional trading centers in Frankfurt, New York and Hong Kong. The Interim Manager was appointed as Trading Director in this mandate and led a global project management team. The goal: a networked global live foreign exchange trading platform for all 2,000 international client portfolios. In the project, the interim manager led a team of 10 senior traders.
The result was a 24/5 FX platform for fully automated trade executions, for which the interim manager created and integrated the underlying guidelines. He also introduced key operating procedures and controls as well as a new transaction cost analysis to ensure trading compliance. The foreign exchange trading platform now generates a turnover of 750 billion dollars and a profit of 120 million dollars annually.
Forex trading automation rate increased to more than 50 percent
The wealth management division of Deutsche Bank did not have a dedicated foreign exchange trading desk for retail and institutional clients for 2,000 client accounts in European, Asian and American markets. The interim manager was appointed as head of a new department for global FX trading. The goal: to create a centralized FX trading desk.
The interim manager led senior traders and built a global live trading desk for retail and institutional clients. He implemented new algorithms and reference prices as well as a centralized IT system. This increased the number of client executions to 100,000 per year and improved the automation rate to more than 50 percent.
Cash management function for private and institutional portfolio management
The asset management desk needed an automated cash management function for its private and institutional portfolio management clients. The interim manager joined the "SmartFX" project as Vice President with the aim of creating the unified cash management function for retail PM clients in Europe.
The interim manager worked with the team to build a systematic, daily automated cash management and hedge management function and a new execution management system. A transaction cost analysis (TCA) and control framework as well as a new client servicing and straight-through processing technology The result: doubling the annual turnover to USD 500 billion and increasing the positive contribution to the income statement for the new service to USD 75 million.
Straight-through processing technology doubles client turnover to USD 250 billion
The trading desk for Retail Investment Management at Deutsche Bank needed a systematic cash management function. The interim manager joined the "Vache" project as a then permanent manager as Vice President to create a new cash management function for 1,000 portfolio management client accounts for retail clients in Europe, Asia and the Americas.
He introduced a daily transaction-based conversion of foreign currency holdings into portfolio base currency and led the introduction of new technologies. He automated the creation, bundling and netting of the resulting FX transactions and established a new execution management system and risk control framework. The successful deployment of straight-through processing technology doubled annual client turnover to USD 250 billion and increased the positive P&L contribution to USD 40 million annually.
