Wachovia hires two in forex sales from StanChart

Wachovia has poached two forex sales personnel from Standard Chartered in Singapore and Hong Kong, as it continues to increase its presence in Asia.

The bank hired Stephanie Ong as head of FX sales for Asia, based in Hong Kong. She relocates from Singapore, where she worked at Standard Chartered in FX sales, covering institutions, corporates and central banks.

Ong now reports locally to Greg Donohugh, managing director, securities and fixed income, and Tim Holder, director in the global rates division in London on a product level.

Reporting to Ong is Rex Chan, who joined the bank as an FX salesperson in June. Chan previously also worked at Standard Chartered, where he covered Taiwanese banks out of Hong Kong.

Drew Gross, global head of FX sales and trading in Charlotte, North Carolina, said the hires reflected an expansion of the bank’s fixed income presence and regional bank coverage in Asia over the past couple of years, “and we felt it was time to make sure we had the right resources out there to seize the opportunities”.

Outside Asia, Gross said the bank is looking to hire a head of options trading by the first quarter of 2007. It will also be adding some depth to its options market-making team globally.