Longstanding team member Tobias Windecker has moved into the European top spot from his previous position as European head of derivatives trading after 17 years with the firm.
The move comes amid a wider reshuffling of Allianz Global Investor (GI)’s European trading teams, first revealed by Global Trading in April 2024, in which the firm moved its dedicated derivatives traders into the core asset class teams of fixed income and equities.
“Derivatives are so much more mainstream now. PMs don’t think about cash or derivatives, they think in terms of portfolio construction and risk factors – what’s my duration, what’s my exposure, and how do I manage my portfolio with these factors? The good trader should understand the dynamics of futures and swaps as well as she understands the underlying market,” explained the firm’s global head of trading Eric Boss, speaking to Global Trading on the decision earlier this year.
Allianz GI has since created a dedicated technology team within the trading function, covering all of its technology needs, which is also run by an ex-Allianz derivatives trader.
At the Eurex-sponsored Derivatives Forum in Frankfurt last month, Windecker highlighted the challenge that traders are increasingly focused on project work and compliance-related tasks rather than their work at the desk.
“The trader can only be a part of the investment process if they have enough time,” he said – one of the reasons why firms are now investing in technology (and teams) that allows traders to focus on value-adding tasks that require their specialised knowledge and experience.
© Markets Media 2024.
