Brown Brothers Harriman’s foreign exchange business, part of BBH, the US-based wealth and investment management firm, has opened a new forex desk in Hong Kong, targeting Asian clients. Meanwhile, the firm has made a number of hires to support its global businesses.

The new Hong Kong service is headed by Chris Gothard and Thomas Haimelin, BBH said in a statement.

BBH’s forex business logged a 68 per cent growth rate in foreign exchange volume, underlying the need for a new forex desk in Hong Kong, the firm said. Globally the forex group has experienced a compound annual growth rate of 31 per cent in global customer volume over the last six years while the 2010 annual rate was 35 per cent, the firm said.

BBH’s foreign exchange group, meanwhile, made the following hires in Asia and Europe:

Noriyuki Kato joined the relationship management and sales team in Tokyo as head of forex for Asia, reporting to Henry Wilkes, global head of foreign exchange relationship management and sales. He previously worked at DIAM Asset Management as head of institutional sales, and State Street Bank & Trust in Tokyo.

Masashi Murata joined the global currency strategy team in Tokyo, providing regional and emerging market coverage. Previously, Murata was chief economist at GCI Capital and economist at Mitsubishi UFJ.

Ilan Solot joined the global currency strategy team in London, also providing emerging market currency analysis. Solot spent three years at the foreign exchange trading desk of the Federal Reserve Bank of New York before joining the EM strategy team at Medley Global Advisor.

Lena Komileva joined the global currency strategy team in London this month, as global head of G10 research, reporting to Marc Chandler, global head of currency strategy. Komileva previously headed G7 market research at Tullett Prebon.