Derivatives expert Calello made new head of CSFB Asia-Pacific

Credit Suisse First Boston (CSFB) has named Paul Calello chairman and chief executive of the Asia-Pacific region including Japan, Australia and New Zealand. He will relocate to Hong Kong from New York, where he was head of the firm's global equity derivatives and convertibles division (EDCU), within a month.

Calello will now focus on developing business strategy and strengthening client relationships in the Asia-Pacific region while retaining a management position over the EDCU.

He will also join the firm's operating committee and continue to serve on the executive board. Prior to joining CSFB 12 years ago, Calello worked in the derivatives department at Bankers Trust in Tokyo.

It is likely that Calello will significantly ramp up CSFB's derivatives effort in the Asia-Pacific region.

Calello replaces Stephen Stonefield, who CSFB promoted to vice-chairman as part of its new management team. Stonefield will focus on the development of senior client relationships and remain based in Singapore. He previously worked in the investment banking division at Smith Barney - now part of Citigroup.