State Street’s Currenex Sees Exodus of Two Senior Staff

The exits included Daniel Flowerdew and Damian Freeston, head of FX Sales for the EMEA region.

It turns out that Damian Freeston is not the only senior person to have left State Street’s foreign exchange (FX) business, Currenex. The exits also include Daniel Flowerdew, FX Sales specialist for the Europe, Middle East, and Africa (EMEA) region, who joins his former boss to launch a wealth management business in the UK.

Freeston parts ways with the company after more than nine years. Most recently, he served as Managing Director and EMEA Head of Currenex Sales. Prior to that, he was Sales Manager of UK and Ireland at Deutsche Börse Group’s FX unit, 360T, from 2007 to 2010. Additionally, he worked earlier in his career as the Head of Corporate Sales of HIFX Pl for over seven years, dating back to 2000.

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In turn, Flowerdew joined Currenex in 2015 based out of London. His move to State Street’s Currenex snapped a two-year stint at Bank of America Merrill Lynch (BAML).

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Prior to joining Currenex, Flowerdew worked at BAML in its Global FX Sales division for over two years, since mid-2013. Additionally, he has garnered several other sales-related roles across the financial industry. These include stops at Integral Development Corp, TradingScreen, and HiFX, dating back to 2004. The vast majority of his career has been focused on the EMEA region in particular.

State Street continues hiring spree

State Street Corporation (NYSE: STT) recently announced several executive moves across its Currenex unit, the company’s technology provider for the global FX community. Last year, the global custody bank and financial service provider for institutional investors also acquired London-based FX analytics specialist BestX in a bid to enhance its services in the electronic foreign exchange markets.

For State Street, the purchase allows it to better compete with rivals who rely on their own technology to provide clients with similar services. If combined with the Boston-based firm’s offering, it would allow their customers to demonstrate the best execution through post-trade transaction cost analysis (TCA) when trading electronically with State Street.

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