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Fred Lum/The Globe and Mail

Canadian Imperial Bank of Commerce is building up its team in New York, adding a new head of U.S. institutional equity trading.

In his role as managing director with CIBC, Owen Lynch will manage the U.S. equity markets trading team, according to an internal memo.

CIBC is hiring Mr. Lynch against a backdrop of improved market conditions in the U.S. The S&P 500, for example, is up 20 per cent in the past year. The warmer investment climate prompted the bank to deepen it's commitment to its agency business in New York.

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Mr. Lynch comes from the New York office of BMO Nesbitt Burns. He had been with the bank for more than 24 years, most recently in a similar position.

Follow Jacqueline Nelson on Twitter at @J2Nelson.

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