ABN Amro has created a global clearing and execution operation to provide transaction-based services to financial institutions, corporates and B2B exchanges.
The Dutch bank is bringing together its key clearing and execution businesses - ABN Amro Dealer Services, ABN Amro Sage Corporation and ABN AMRO Futures - to form a new business unit called ABN Amro Clearing and Execution Services(AACES) to provide full service clearing, settlement, execution, and financing services for the equities, options, futures and foreign exchange prime brokerage markets.
Douglas Engmann, chief executive officer of ABN Amro Sage, has been appointed as CEO of AACES. He will be based at the new company's headquarter offices in San Francisco, California. For management reporting purposes, AACES will be part of the bank's Global Transaction Services business.
Robert van Paridon, chief executive officer of ABN Amro in Chicago, comments: "AACES is the ideal platform for cross-selling value added services to our corporate clients, financial institutions, hedge funds, professional traders and B2B ventures."
He says AACES will seek to leverage the operational and technological expertise within each individual business line. Clients will access AACES through a Web-based front end that will offer an increased menu of products and services on a 24-hour basis.
Erik Post, senior executive vice president of Global Transaction Services, adds: "The formation of AACES reinforces ABN Amro’s commitment to the hedge fund and professional trader global client base. AACES is important to our international wholesale banking strategy of concentrating on business lines that deliver significant growth in profitability and superior returns."