Deutsche appoints credit trading head in Asia

Deutsche Bank has appointed Sajid Javid as head of global credit trading in Asia excluding Japan. He was formerly global head of emerging market structuring, based in London. He now moves to Singapore to take responsibility for all cash and derivatives credit trading, collateralised debt obligations, securitisation, structured finance, convertibles and commodities business in the region. He reports to Rajeev Misra, head of global credit trading, and Loh Boon-Chye, head of global markets in Asia.

Javid replaces previous co-heads Chetan Shah and Wai-Hong Luk. Shah continues in his other role as co-head of global markets in India, and also retains control of structured finance. Luk, meanwhile, takes a senior role in Deutsche's proprietary trading division.

The bank has also appointed Daniel Morley and Niall Smith as global heads of emerging market debt and emerging market equity structuring. Morley, previously head of structuring for central and eastern Europe, the Middle East and Africa, will report to Kay Haigh, head of emerging market debt trading. Smith, who was responsible for emerging market structuring for the strategic equity transactions group (SETG), will report to Kerim Derhalli, head of emerging market equity and Serge Marquie, head of SETG. The pair will both be based in Deutsche Bank's London office.

"Emerging markets are a key priority and growth area for Deutsche Bank, and these appointments will help to strengthen our platform. We have been cultivating a strong presence in emerging markets by building an integrated banking network spanning research, execution, risk management and financing services," says Haigh.

OTHER MOVES

Credit Suisse has restructured the management of its equities division, following a fall in revenues by 45% earlier this year. Jim Kreitman, who has been co-head of global equities in London for three years, will leave the bank in December. His colleague Tony Ehinger becomes sole head of equities, while Kreitman will serve as adviser to the investment banking division until he leaves. A memo to staff from chief executive Brady Dougan announced that Kreitman had decided to pursue opportunities outside the industry, after 14 years with the bank. Ehinger continues to be based in New York and reports to Dougan.

Meanwhile, Chris Carter has been reassigned from his role as co-head of European equities, global head of equity derivatives sales, and head of European equity trading. Simon Yates, previously head of convertible trading and derivatives for the Americas, will move from New York to London to replace him as co-head of European equities. Yates will work with Carter's old European co-heads, Stephen Dainton and David Mathers, and also takes the job of global head of equity derivatives.

Todd Sandoz, now head of global equities in New York, also becomes head of global convertibles and equity risk. According to Dougan's memo, Sandoz's new responsibilities involve ensuring equity risk is co-ordinated and within the department's limits.

Yates and Sandoz both report to Ehinger, although Carter will also report to Michael Philipp, chief executive for Europe, the Middle East and Africa.

Dougan's memo says the changes will mean a "clear strategic focus and implementation accountability" for each product. The bank blamed this year's earlier poor performance on weak results in its equity proprietary trading and cash businesses.

Frederic Matterne has become chief risk officer of Fortis Commercial and Private Banking. Matterne, previously head of operational risk for Fortis, has been a frequent speaker and lecturer on operational risk at conferences and on training courses, and was formerly a consultant.

He is being replaced by Martijn Wissels, who is currently in charge of operational risk and management control at the bank, which has joint head offices in the Netherlands and Belgium.

BNP Paribas has appointed Adrian Docherty as global head of financial institutions advisory within the investment bank's fixed-income division. Docherty, who is based in London, will report to Denis Autier, head of global risk solutions and will work with the bank's debt capital market team.

Before moving to BNP Paribas, Docherty first served as a strategy consultant with Booz Allen Hamilton Financial Services. He then spent three years as chief operating officer of investment banking at Barclays, before moving to the advisory team in Barclays Capital's financial institutions group.

Merrill Lynch has made two appointments in its central and eastern Europe, Middle East and Africa (CEEMEA) group. The bank has hired Henry Hall as head of emerging markets equity derivatives and financing, structuring and distribution. He joins from Credit Suisse, where he led the emerging market derivatives structuring team. Maurice Nadjar-Primack becomes head of emerging markets equity trading with responsibility for emerging market cash and derivatives trading, as well as emerging market equity financing. He also moves from Credit Suisse, where he ran emerging market equity derivatives trading and financing. Both report to Samir Atassi, head of the CEEMEA emerging markets group, and will be based in London.

Elsewhere, Merrill Lynch has hired four people for the commodities division of its global fixed income, currencies and commodities group. James Marks becomes vice-president focusing on metals trading, and Helen Lowe and Craig Tuckman join the metals marketing group. Peter Stoner also joins in metals trading. All four leave BNP Paribas and will report to David Sobotka, global head of Merrill Lynch Commodities. Marks, Lowe and Stoner will be based in London, while Tuckman will be posted in New York.

Dresdner Kleinwort has appointed Iain Clamp as head of equity index derivatives trading, a newly created position based in London. Clamp will manage a team of four that is already in place and will build the business for the bank. He will report to Thomas Vergnaud, head of single stock and equity index derivatives trading. This follows the hiring of Marc Michallet in June this year to boost the bank's European derivatives sales. Clamp joins from a senior proprietary trader role at UFJ International.

David Ridgway, head of group risk at Schroders in London, has left the firm to take a new post at Barclays Global Investors. Ridgway becomes head of global operational risk with the firm and will be based in San Francisco.

Royal Bank of Scotland has recruited Eugene Dimitriou as head of alternative risk transfer, global banking and markets. Dimitriou joins from Morgan Stanley, where he was responsible for cross-product coverage of the UK insurance market. He will be based in London and report to the bank's head of financial institutions advisory and solutions, Guy Miller.

Hong Kong's Securities and Futures Commission (SFC) has appointed Eddy Fong as chairman. The position had been vacant since late June, when previous chairman Martin Wheatley became chief executive.

Fong is the commission's first non-executive chairman - the role of chief executive and chairman had previously been combined - and has served as its non-executive director and chairman of the audit committee since January 2005. An SFC spokesperson says it will be determined later whether Fong will remain chairman of the audit committee.

As chairman, Fong will lead the commission in setting its overall directions, policies, strategies, agendas and priorities, and also in monitoring the executive arm's implementation of board objectives. He continues to sit on the remuneration committee, investor compensation fund committee, takeovers and mergers panel and other committees.

"With his extensive knowledge and experience in Hong Kong's financial and securities market, he will be in a position to ensure that the SFC continues to fulfil this responsibility," says Wheatley.

Bear Stearns has expanded its structured equity products team in Asia with three new appointments in Hong Kong. The new staff will increase the bank's service offering to cover synthetic equity finance, such as equity swaps and other derivatives-based instruments, and a synthetic prime brokerage service to handle financing and execution.

Dan Azzi joins the firm as a managing director responsible for equity finance trading, synthetic prime brokerage and market access products designed to ease entry into Asia's markets. May Woo and Raoul Preller have also joined as associate director and vice-president respectively to cover Hong Kong, Japan and Singapore and other Asian markets such as China, India, South Korea and Taiwan.

Before joining Bear Stearns, Azzi spent seven years at Deutsche Bank, first as a structured equity finance trader and most recently as head of equity swaps trading and market access products for Asia ex-Japan. Woo previously spent six years at Deutsche Bank as head of the Asia ex-Japan stock lending desk. Before that, she worked on the equity finance desk at Rabobank in Hong Kong and the equity finance desk at Nomura Hong Kong.

Preller was previously a synthetic equity trader at Deutsche Bank, where he managed daily flow in Asian swaps, warrants and promissory notes covering all the major Asian markets, with a focus on China, India, Taiwan and South Korea.

London-based Morley Fund Management, the asset management arm of insurance company Aviva, has recruited a sell-side derivatives specialist as it prepares to make greater use of over-the-counter products. David Barbour joins from Lehman Brothers, where he worked as a senior International Swaps and Derivatives Association negotiator. Morley joined Isda earlier this year, and is now upgrading its front and back office to accommodate a high volume of derivatives trading. The fund has £156 billion of assets under management, around half of which belong to Aviva.

Morley's head of investment business management, Jez Bezant, says its clients are increasingly interested in using derivatives to solve their investment problems. Those clients, typically pension funds and insurers, demand better protection from investment risk than others in the OTC market.

Barbour will be responsible for setting up a legal framework to manage and control Morley's use of derivatives, and review current and future contracts. He will also continue to work closely with Isda on issues such as standardisation, which Bezant says is particularly important to the fund. Meanwhile, Bezant says the company will continue to look for sell-side derivatives specialists to help it prepare for trading.

ABN Amro has appointed George Koo as head of financial institutions and public sector. Koo joins from Barclays Capital, where he was Asian head of the financial institutions group.

Koo replaces Dominic Silva, who has taken on a new role in the bank responding to the increased demand from small and medium-sized enterprises in Asia for derivatives and structured products.

"Ongoing developments in bank and insurance regulation in Asia have seen financial institutions undertake dramatic changes to ensure active and effective management of capital and enhanced yields on asset portfolios," says Greg Major, Asia head of commercial client segment. "George's previous experience in both capital markets and derivatives will help the bank bring solutions to our bank and insurance clients in the commercial segment." Both Koo and Silva are based in Hong Kong and report to Major.

Three more bankers from Dresdner Kleinwort have moved to Moscow-based investment bank Renaissance Capital. They follow Bob Foresman, Dresdner's former Russian head, who became deputy chairman in September.

In sales and trading, Joel Esciua has been appointed managing director, and Federico Sequeira has been hired as director. At Dresdner, Esciua was director for emerging markets and credit sales, and Sequeira vice-president for capital markets. They will continue to be based in London, and report to Kieran Donnelly, head of international sales.

Igor Serov also moves from the German bank, where he was director in charge of debt and structured products origination for Russia. He becomes head of debt capital markets at Renaissance and reports to Brian Lazell, the firm's head of debt products who joined from BNP Paribas earlier this year, and Andrew Cornthwaite, Renaissance's co-head of investment banking and finance.

Serov will be based in Moscow, joining four other new appointees. Madjid Pajic was previously director of risk management and capital markets for central and eastern Europe, the Middle East and Africa at Morgan Stanley in London. He becomes managing director of structured solutions and reports to Alexander Pertsovsky, head of the institutional securities group, and Foresman. In the same division, Alexey Polyakov becomes a director, having joined from Munich-based Hypovereinsbank. There, he was a trader in structured credit derivatives. In the new role, he reports to Alastair Cookson, managing director for structured products. Igor Kotlyarchuk, former head of fixed-income sales for local sovereign and corporate debt at Russian bank Troika Dialog, becomes head of domestic sales and also reports to Lazell. Meanwhile, Nikolay Podguzov becomes vice-president and fixed-income strategist with the bank's research team. He joins from Moscow-based Trust Investment Bank, where he was head of fixed-income strategy, and reports to Alexei Moisseev, director of fixed-income research.

Barclays Capital has appointed Abdellah Sbai as director and head of aircraft finance, a newly created position based in London. The role creates a dedicated department for aircraft finance, previously part of the structured trade and export group. Sbai will focus on structuring and executing debt and risk management products.

Sbai joins after 16 years at Airbus, where he worked most recently as vice-president of sales for north Africa and the Middle East. He reports to Michael Raynes, director and head of structured trade and export finance.

Barclays Capital has been active in aircraft financing since 1993. So far this year, it has financed 34 aircraft with a total value of $1.4 billion.

Brian Heyworth has been appointed head of sales in Europe, the Middle East and Africa (EMEA) at HSBC. He joins from Bank of America, where he was head of international sales. Heyworth remains in London and reports to global head of sales Rod Prat, and Samir Assaf, head of global markets for EMEA.

Deutsche Bank has appointed David Silbert as global head of commodities. Silbert replaces Mark Ritter, who moved internally to become chief operating officer of global credit trading earlier this year.

Silbert joins from Merrill Lynch, where he was European head of commodities. He will be based in London from early 2007 and will report to Rajeev Misra, head of global credit trading.

Walter Schulte-Herbruggen and Gernot Becker

Christopher Jeffery