MUFG hires risk chief for US securities operations

Mitsubishi UFJ Financial Group (MUFG) has recruited Denis McHugh as chief risk officer (CRO) for MUFG Securities Americas and market risk management officer for MUFG Americas Holdings Corporation, effective August 30.

McHugh will be based in New York and report to Brian Gunn, CRO for MUFG Americas Holdings Corporation, and Yasutaka Suehiro, CEO for MUFG Securities Americas. He will also report to Osamu Nakajima, international CRO for MUFG.

In his new position, McHugh will be responsible for providing strategic direction for risk management for MUFG Securities Americas and overseeing all risk disciplines for that business. He will also be charged with instituting sustainable risk programs across the material risk disciplines and aligning them with the regulatory expectations of the company’s business lines. In addition, he will oversee market, liquidity and interest rate risk management for MUFG Americas Holdings Corporation.

The US operations of MUFG had total assets of $332.4 bn as at March 31, 2022, according to the company.

McHugh was previously the enterprise head of market risk management for BMO Financial Group, where he was also capital markets CRO. According to his LinkedIn profile, before that he was head of market, liquidity and counterparty risk at Commerzbank.

Before moving into the risk management field, he held leadership positions overseeing markets, sales and trading and structured finance businesses at firms such as Fortis Bank, ABN AMRO Bank and Rabobank International.

Gunn says in a statement: ‘Denis is a distinguished finance executive with vast experience in risk management and line of business oversight at large multinational banks, which uniquely positions him well for his new role at MUFG. His firsthand knowledge of the global markets and securities industry will sharpen our view of risk management through a business lens.’