Indian American is MD at PNC Financial Services
Wednesday, 05 May 2004, 19:30 IST
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NEW YORK: An Indian American alumnus of the Indian Institute of Technology (IIT) has been named managing director of the Pittsburgh-based PNC Financial Services Group that manages assets worth $65 billion. Gagan Singh, who holds a bachelor's degree in electrical engineering from IIT-Bombay and a masters from the University of Maryland, will also serve as chief investment officer of the group's banking entity - PNC Bank. Singh will report to E. William Parsley, treasurer and chief investment officer for the group, and will be responsible for oversight and management of PNC's portfolio and proprietary trading, a PNC Financial Services statement said. "Gagan brings an in-depth knowledge and understanding of relative value trading across a variety of fixed-income asset classes, which is particularly relevant in today's market," Parsley said. "His expertise will help us to maximize shareholder value over the long term by improving the management of our investment portfolio and interest rate risk." Singh is said to have extensive expertise in interest rate derivatives and mortgage-backed securities along with a strong set of quantitative and analytical skills. He held a variety of market-related positions at J.P Morgan Chase, most recently as head of its derivative strategy, where he advised banks and asset managers on managing and hedging interest rate risk and proprietary trading. At the University of Maryland, he was awarded the prestigious Graduate School Fellowship. PNC Financial Services Group is one of America's largest diversified financial services organisations, providing a range of banking services, real estate finance, wealth management and global fund services.
Source: IANS
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