Tong will report to Matteo Mazzocchi, global head of credit derivatives and securitisation. His remit is to strengthen the hybrid credit derivatives business as clients increasingly look at ways to enhance portfolios in response to low credit spreads and volatility, Mazzocchi said.
Tong spent 12 years at the derivatives unit of Gen Re, the reinsurance subsidiary of Berkshire Hathaway. He first ran the quanto and exotics book in New York, before he became head of New York trading. This meant taking on more responsibilities, including dollar swaps and options trading, and later, credit derivatives. In 2000 he moved to London to become global head of trading.