Alliance & Leicester expands in derivatives

The bank has made two hires in Leeds and Leicester to develop its treasury risk offering. Previously the bank offered FX and interest rate spot and forwards on a reactive basis to client demand, but last year the board decided to develop and market a full range of treasury products.

Grant Murray joined earlier this month as a senior manager in treasury risk solutions based in Leeds, from Yorkshire Bank, where he was head of the Leeds-based treasury team.

Faye Ackerley will move internally from the group risk department next month to assist in sales in Leicester. Murray and Ackerley will report to Mike Bligh, Leicester-based head of treasury risk solutions.

Bligh said: "We've already signed a number of deals in interest rate derivatives this year and FX options should be available by the beginning of 2008."

Bligh was hired as head of the treasury risk team in October from Barclays Capital, where he was director of UK treasury risk management. He has been building the infrastructure for the products and expanding the team since then.

The team is looking to add a senior treasury manager in London and hire two or three staff a year as the products are gradually rolled out, and depending on its success.

The treasury products will be marketed to existing business and corporate clients, supporting the expansion drive of the commercial bank.

The bank is strong in structured finance in London, where it sees many opportunities, as well as in shipping, aviation and retail, with a strong focus in northern England and the Midlands.

For its FX options offering, the bank is in discussion with potential partners with established product capability and infrastructure, who lack the client contacts in the UK.