Meet the Team

Derek Halpenny

Derek Halpenny

Head of Research, Global Markets EMEA and International Securities, Global Markets Division for EMEA

Main Research Coverage

Foreign Exchange (G4, EMEA)

Career History and Recent Activities

Derek joined Global Currency Research in London in May 1998 as a currency economist following four years of trading. In April 2008 Derek was promoted to European Head of Global Markets Research and has been responsible for developing the London Global Markets Research platform in support of MUFG Bank’s global business. Derek is a regular on CNBC & Bloomberg TV and is widely quoted in the  financial press.

Education and Certificates

Derek obtained a Masters degree in Economics from University College Dublin in 1992 and is a native of Dublin, Ireland.

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Lee Hardman

Lee Hardman

Senior Currency Analyst, Global Markets Research, Global Markets Division for EMEA

Main Research Coverage

Foreign Exchange (G10 & EMEA)

Career History and Recent Activities

Lee joined Global Currency Research in London in July 2007 as a currency analyst. Previously Lee had worked as a research assistant within the FX Strategy team at Citigroup. Lee is widely quoted in the financial press. 

Education and Certificates

Lee obtained a 1st Class Bachelors of Science degree in Economics from the London School of Economics in 2005.

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Abdul-Ahad Lockhart

Abdul-Ahad Lockhart

Research Analyst, Global Markets Research - London

Main Research Coverage

Foreign Exchange (G10 & Quant)

Career History and Recent Activities

Abdul-Ahad joined Global Currency Research in London in December 2021 as a currency analyst. Previously Abdul-Ahad had worked as a data scientist within the technology consultancy Xantura.

Education and Certificates

Abdul-Ahad obtained a 1st Class Bachelors of Science degree in Computer Science from the Queen Mary University of London in 2021.

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Momoko Miyachi

Momoko Miyachi

Associate to Global Markets Research, Global Markets Division - London

Career History and Recent Activities

Momoko started her career in MUFG Bank’s European Credit Division Planning Team (2009-2010), followed by European Credit Examination Office(2010-2014). She has experience in internal credit application and rating system help desk as well as coordinating various credit examinations across EMEA regions. She joined Global Market Research team in November 2014 to support the teams in various regions. Before joining MUFG Bank, she has worked as a management business coordinator for various Japanese corporates such as Sharp Electronics (Europe), and Toyota Motor Corporations (HQ).

Education and Certificates

Momoko holds a Bachelor of European Arts from the University of Kent at Canterbury (2000).

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Carlo Mareels

Carlo Mareels

Director, Financial Credit (European Banks), Credit Trading Group, European Banks

Main Research Coverage

Financial Institutions

Career History and Recent Activities

Carlo joined MUFG Securities in 2016 in the credit trading team where he is responsible for covering European Financial Institutions, mostly focussed on European banks. Carlo is a Financial Institutions expert with 20 years of experience. He is a well-recognised analyst having served at Morgan Stanley, HSBC, Royal Bank of Canada BNP Paribas.  His opinions are highly regarded among Banks, Investors and Regulators. He was a co-author of the highly successful Morgan Stanley Bank Capital A-Z publication and has often been quoted in the international press including Financial Times and Bloomberg.

Education and Certificates

Carlo has a Finance and Economics degree from Bocconi University in Milan, Italy. Carlo has constant extensive client interaction globally lending him particular good insights into the market sentiment and technicals.  Being fluent in 5 European languages lends him particularly good insights into the often arcane and difficult nuances within the European economic/political backdrop.

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Henry Cook

Henry Cook

Europe Economist, Economic Research Office

Main Research Coverage

Macroeconomics (Euro area & UK)

Career History and Recent Activities

Henry joined MUFG’s Economic Research Office in September 2017 as an economist covering the UK and euro area. Previously Henry had worked as a research assistant within the Global Macro team at Société Générale after a stint writing study materials for economics students. 

Education and Certificates

Henry obtained a Masters degree in Financial Economics from KU Leuven in Belgium in 2014, graduating cum laude.

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Ehsan  Khoman

Ehsan Khoman

Head of Research, Commodities, ESG and Emerging Markets Research – EMEA

Main Research Coverage

ESG, Commodities, Emerging Markets, Energy Transition, Sustainability

Career History and Recent Activities

Ehsan has over fifteen years’ experience in advising institutional, retail and corporate clients, policymakers as well as the media on the outlook for emerging market economies, energy markets, the energy transition and increasingly ESG considerations, with their associated global market implications. Prior to joining MUFG in 2016, Ehsan held positions with the National Institute of Economic and Social Research (NIESR) and with French bank, Societe Generale.

Education and Certificates

Ehsan has graduated with First Class Honours in BSc Economics in 2004 from the University College London and also acquired a Distinction in MSc Economics from the University of Warwick in 2005.

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Ramya RS

Ramya RS

Analyst, Commodities, ESG and Emerging Markets Research – EMEA

Main Research Coverage

ESG, Commodities, Emerging Markets

Career History and Recent Activities

Ramya brings with her in-depth knowledge on the application of rigorous quantitative techniques and sound market expertise. She has over nine years’ experience in sell-side multi-asset research and solid record of estimating economic variables and their impact on global financial assets. Prior to joining MUFG, Ramya had worked as an Emerging Markets Strategist within the Global Research team at HSBC.

Education and Certificates

Ramya holds an MBA in Finance from the Bharathidasan University and a Bachelors of Commerce in Accounting and Finance from the Madras University.

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George Goncalves

George Goncalves

Head of US Macro Strategy , MUFG Securities Americas Inc.

Main Research Coverage

Macro and US Fixed Income (Money Markets, Rates, MBS and Credit)

Career History and Recent Activities

An industry veteran with more than 20 years on the sell-side and buy-side, George spent nearly a decade at Nomura Securities, first as the chief U.S. Rates Strategist and later as the Head of U.S. Fixed Income Strategy. Over his tenure at Nomura, he oversaw teams of analysts covering U.S. rates, U.S. credit and emerging market rates. Earlier in his career George was a senior research analyst at both Morgan Stanley and Bank of America. He started his career on the buy side at the formerly known Merrill Lynch Asset Management.

Education and Certificates

George received his joint degree in Finance/Economics and Political Science from Rutgers University’s School of Management.

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Jessica Guo

Jessica Guo

Macro Strategy Analyst, US Macro Strategy, MUFG Securities Americas Inc. – New York

Main Research Coverage

Macro and US Fixed Income

Career History and Recent Activities

Jessica joined the U.S. Macro Strategy team in July 2023. Previously, she was an Economic Analyst at Wells Fargo, with a focus on international economies and foreign exchange

Education and Certificates

Jessica holds a B.S. in Finance and a B.A. in Economics from the University of Virginia.

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Jonathan Wong

Jonathan Wong

Macro Strategy Analyst , US Macro Strategy, MUFG Securities Americas Inc. – New York

Main Research Coverage

Macro and US Fixed Income

Career History and Recent Activities

Jonathan joined the U.S. Macro Strategy team in September 2023. After spending the previous summer in MUFG Securities Americas Sales and Trading Summer Analyst program.

Education and Certificates

Jonathan holds a B.B.A in Finance and Business Analytics from Pace University

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Bill Matthews

Bill Matthews

Director – Leverage Finance, Desk Analyst , High Yield Trading and Sales

Main research coverage

TMT, industrials, business services

Career history

Bill is a Director in Leverage Finance and an analyst supporting High Yield Trading and Sales. He has 25 years experience investing high yield securities, bank loans, and equities. Prior to joining MUFG, Bill held research and portfolio management positions at Hudson Bay Capital, Column Park, Post Advisory and Canyon Capital. He began his career at Merrill Lynch in Global Distressed Products focusing on securities of distressed and bankrupt companies.

Education and Certificates

Bill received his BA in Economics and English from Tufts University and his MBA in Finance from Columbia Business School. He is a CFA charterholder.

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Lin Li

Lin Li

Asian Head of Global Markets Research, Global Markets Research, Global Markets Division for Asia

Main Research Coverage

Foreign Exchange (Asia)

Career History and Recent Activities

Lin joined MUFG in Hong Kong in Jan. 2021 as Asia head of global markets research, covering Asia economics and FX strategies. Lin started her career as a China economist in Wellington Asset Management in Boston in early 2006, then moved to Hong Kong in early 2010 and held various senior research roles in institutions including CreditEase wealth management, Deutsche Bank HK and CICC HK.

Education and Certificates

Lin holds a Ph.D. degree in Economics  from the Georgetown University, and a Bachelor degree in Engineering  from Wuhan University.

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Michael Wan

Michael Wan

Senior Currency Analyst, Global Markets Research Singapore

Main Research Coverage:

Foreign Exchange (Asia)

Career History and Recent Activities:

Michael Wan joined MUFG Global Markets Research as a Senior Currency Analyst in 2023, with responsibilities over India, the Philippines, and Vietnam, among other Asian currencies.

He brings more than 10 years of experience in macroeconomic and investment research. He was most recently Senior Economist with Sea Ltd, the parent company of Shopee and Garena, and one of the largest consumer internet companies in Southeast Asia. He helped pioneer the company’s Research and Public Policy Unit in 2018, producing strategy reports for the C-suite, as well as thought leadership research for an external audience. Prior to Sea Ltd, he worked as an Economist with the Credit Suisse Asia Economics team for six years, advising investors across different asset classes with a focus on ASEAN economies and covering Asia macro from a regional perspective. He was regularly quoted by the media, won the best economic forecaster award by Consensus Economics for Malaysia, and was part of the top-ranked Institutional Investor research team in Singapore and Malaysia for several years. 

 

Education and Certificates

Michael holds a Bachelor’s degree in Economics (2nd Upper Class Honours) from the National University of Singapore.

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Lloyd Chan

Lloyd Chan

Senior Currency Analyst, Global markets Research Singapore

Main Research Coverage:

Foreign Exchange (Asia)

Career History and Recent Activities

Lloyd Chan joined MUFG Global Markets Research as a Senior Currency Analyst in 2024, with responsibilities over Indonesia, Malaysia, Thailand, and Singapore, among other Asian currencies.

He brings 10 years of experience in macroeconomic research and currency analysis. He was recently a Senior Economist at Oxford Economics, responsible for conducting macroeconomic research and forecasting with a focus on Northeast Asia, including South Korea, mainland China and Hong Kong. Prior to joining Oxford Economics in 2019, Lloyd spent three years at United Overseas Bank (UOB) in Singapore, conducting industry research for senior management and working on Environmental and Social Governance in the Group Risk Management division. Before joining UOB, he worked as an economist at BMI Research, also in Singapore, conducting macroeconomic research on Southeast Asian economies.

Education and Certificates

Lloyd holds a double bachelor’s degree in Economics and Business Management from the Singapore Management University, where he graduated with a Summa Cum Laude. He is in progress towards a master’s degree in applied economics at the University of Bath.

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Teppei Ino

Teppei Ino

Tokyo Head of Global Markets Research, Tokyo Global Markets Research

Main Research Coverage

Foreign Exchange ( Japanese Yen and all other currencies )

Career History and Recent Activities

Mr Teppei Ino started his analyst career at the bank (The Bank of Tokyo-Mitsubishi UFJ) in April 2010. He is stationed in Singapore from April 2013, after 3 years experience as an analyst for AEAN and Oceania currencies.

From January 2022, he acts as Tokyo Head of Global Markets Research.

Education and Certificates

Bachelor (Arts) International Christian University

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Sumino Kamei

Sumino Kamei

Senior Analyst, Tokyo Global Markets Research

Main Research Coverage

Foreign Exchange (EMEA, Russian ruble)

Career History and Recent Activities

Ms. Kamei started her career in the research field as an economist of Institute for  International Monetary Affairs in 2003. After more than 6 years of experience in Asian capital markets research, she has joined the Global Currencies Research team of MUFG Bank from 2010. From Feb 2014, she has been transferred to London to cover Euro, Pound Sterling, Swiss Franc and European emerging currencies such as Turkish lira, Russian Ruble and South African Rand. From April 2018 transferred back to Tokyo team.

Education and Certificates

Bachelor (Policy Management) at Keio University.

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Carlos Armando Duchein Pedroso

Carlos Armando Duchein Pedroso

Senior Economist, Economic Research Department, Banco MUFG Brasil S.A

Working at Banco MUFG Brasil since 1989.
Previously, he worked as financial analyst at the bank Banco de Crédito Nacional and had a short experience as an engineer at Electrical Institute of the University of São Paulo

Academic Background:

Bachelor’s degree in Economics and Electrical engineering       (University of São Paulo), master’s degree in political economy (PUC São Paulo) and professional master’s course in Financial Macroeconomics (FGV São Paulo) 

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Mauricio Nakahodo

Mauricio Nakahodo

Economist, Economic Research Team, Economic Research Department

Working at Banco MUFG Brasil since 2012. Previously, he worked as economist at brokerage firm CM Capital Markets, ABN Amro(Brazil), market analyst at São Paulo Stock, Commodities and Derivatives Exchange (BM&F Bovespa) and research assistant at think-tank Bruegel (Brussels - Belgium).

Academic Background:

Bachelor’s degree in economics (University of São Paulo), master’s degree in economics (Federal Univ. of Rio Grande do Sul), specialization in international economic policy (Kiel Institute for the World Economy – Germany) and master’s degree in public policy and development (Paris School of Economics – France) 

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Darren Hook

Darren Hook

Director - Corporate Credit, Credit Trading Group

Main Research Coverage

Corporates

Career History and Recent Activities

Darren joined the Credit Trading Group within MUFG Securities in 2023 where he is responsible for covering European Corporates. Darren has over 20 years of experience in the financial markets as a credit analyst across all corporate sectors and has previously worked on the sell side at Barclays and NatWest and on the buyside at Barclays, Pioneer Investments and Amundi. During his career Darren has held roles both as a publishing and desk analyst, on a prop desk and as a portfolio manager. At Barclays, Darren was ranked the #1 analyst for IG European Industrials for many successive years both at Institutional Investor and Euromoney.  

Education and Certificates

Darren is a qualified Chartered Account and CFA Charter holder. Prior to his career in financial markets, Darren obtained a D.Phil from the Faculty of Clinical Medicine at the University of Oxford, in relation to which he published 10 scientific papers related to cataract research.  

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I also understand that all materials on this website are not investment research or investment advice.