On the move

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Michael Smith has resigned after four years as Asia-Pacific chief executive of HSBC in Hong Kong and will join ANZ as the Australian bank's new chief executive on October 1. He is replaced by Sandy Flockhart, previously group managing director for HSBC in Latin America and the Caribbean. Smith succeeds John McFarlane, who will leave ANZ on September 30 after 10 years as chief executive.

Meanwhile, Peter Hodgson, formerly chief risk officer at ANZ, has become group managing director of institutional banking, replacing Steve Targett, who is leaving the bank. David Stephen, currently head of risk, institutional division, replaces Hodgson in an acting capacity. McFarlane says: "David has done an excellent job in institutional risk, and we will now give him the opportunity to demonstrate his credentials for the broader risk role over the coming months."

- Merrill Lynch has hired three to its Asian foreign exchange team. Alvin Chan joins as head of north Asia for Merrill Lynch's FX direct and structured FX businesses. Chan moves from Deutsche Bank and will lead a team providing structuring and advisory services to financial advisers and their clients. He reports to Rig Karkhanis, head of Pacific Rim FX and local-currency trading in Hong Kong, and to Abhinav Gorawara, head of Pacific Rim equity structured solutions and financial products group. Danny Kang is appointed head of south and southeast Asia for FX direct and structured FX businesses, also joining from Deutsche Bank and reporting to Karkhanis and Gorawara. Julien Delichere also joins the forex team in Hong Kong, having previously worked as an FX structurer at Calyon in Hong Kong, before leaving the French bank in April. Finally, Merrill Lynch has hired Sridhar Natarajan as head of asset-based lending for private clients across the Pacific Rim region.

- Calyon has hired three credit derivatives and two interest rate derivatives specialists in its Hong Kong office. Wilson Kau joins from BNP Paribas as head of credit markets and CDO flow sales for Asia excluding Japan. Replacing Sylvania Wong, Kau reports to Pierre Trecourt, head of credit markets and CDOs for Asia. At BNP, Kau was co-head of flow, third-party distribution. King Yut Quan joins, also from BNP Paribas, as a credit flow trader, a newly created position focusing on market-making and trading Asian bonds and credit default swaps. He reports to Anitza Nip, head of credit markets flow trading for Asia excluding Japan. Meanwhile, Anthony Lau joined in May from Standard Chartered as Calyon's new head of interest rate derivatives vanilla trading. Reporting to him are David Fung and Jamie Lin, who joined as Hong Kong dollar vanilla trader and vanilla trader, respectively. Lau reports to Cecil Leung, regional head of interest rate derivatives and hybrids trading for Asia excluding Japan.

- Credit Suisse has made three hires to its fixed-income sales and coverage teams in Sydney for its Australian investment banking business. Chris Dickman has joined as head of institutional and middle-market sales for fixed-income for Australia and New Zealand. He was previously head of structured product sales at Commonwealth Bank of Australia. Clare-Louise Nightingale joins as a director, responsible for the corporate derivatives business in Australia and New Zealand. Before the move, she handled fixed-income and commodity swaps sales for Goldman Sachs JB Were. Joining her team is Adam Roberts-Thomson as a vice-president, who arrives from JP Morgan, where he was in corporate derivatives sales.

- Barclays Capital has made four hires to newly created positions on its foreign exchange team in Tokyo. Junpei Yamamoto joins as head of FX sales, Japan, moving from JP Morgan, where he was head of FX in Tokyo. Yamamotos position was previously covered from outside Japan. He will report jointly to Lutfey Siddiqi, head of corporate FX and corporate risk advisory Asia-Pacific, and George Athanasopoulos, head of global FX sales on a functional basis, and locally to Akio Kashima, Tokyo branch manager of Barclays Bank. Takamoto Osawa and Toshikatsu Furumi join Barclays Capital as directors, reporting to Junpei Yamamoto. Osawa will lead corporate FX coverage in Japan and Furumi will be responsible for FX distribution to financial institutions in Japan, excluding banks. Minako Harimoto joins the firm as associate director in corporate FX structuring, reporting to Osawa. All three were also previously at JP Morgan in Tokyo.

- Barclays Wealth, the private banking unit of Barclays Bank, has hired Satya Narayan Bansal as its first Mumbai-based head of private banking. Bansal joins from Indian bank ICICI, where he has spent the past seven years, most recently in Singapore, running ICICI's private banking business in southeast Asia. The Indian wealth market has been one of the fastest growing in the world, says Barclays Capital, with investable assets in India of $43 billion in 2005, which are forecast to triple to $130 billion by 2009.

- JP Morgan has made various appointments in Hong Kong, India and Japan. Jason Sippel, previously head of interest rate exotics structuring in Hong Kong, is transferring to Tokyo to head up equity derivatives sales and structuring, and Andreas Fugmann succeeds him in Hong Kong. Sippel replaces Staughton Lewis, who has been on the Japan equity derivatives team for nine years and whose new role will be announced shortly. Sippel now reports functionally to Patrick Moisy, head of equity derivatives for Asia-Pacific, and locally to Kenji Nakanishi, head of markets for Japan. Meanwhile, Melissa Lu will rejoin JP Morgan as a vice-president in the leveraged finance team in Hong Kong, having left the US dealer three years ago. Since then, she has been on Deutsche Bank's Hong Kong-based leveraged finance team. Lu will now report to Tim Donahue, head of Asia-Pacific leveraged finance. Associate Agnes Kong will leave JP Morgan's leveraged finance team to pursue a job on the buy-side with one of the bank's top-tier clients. In Mumbai, Ranjit Lakhanpal has joined JP Morgan as head of corporate finance for India, moving from Credit Suisse in Hong Kong, where he managed corporate finance execution for Asia excluding China. Lakhanpal reports to Vedika Bhandarkar, head of investment banking for India. The bank has moved executive director Cyrus Mehta from London to Mumbai to build up the high-yield and leveraged finance business there, where he will report to Donahue. Mehul Savla joins as an executive director for equity capital markets, reporting to Kester Ng, head of Asia equity capital and derivatives markets. Savla was previously at ICICI Securities, in the equity capital markets group.

- Japanese bank Nomura has named Philippe Espinasse as co-head of Asian equity capital markets (ECM) in Hong Kong to replace Stephen Metcalfe, who left to pursue other opportunities in June. Espinasse was previously head of Asia ECM at Macquarie Securities in Hong Kong, where he originated and executed equity and equity-linked transactions. At Nomura, he will work closely with Tokihiko Kusano, who is also co-head of Asian ECM, to originate and carry out transactions. Espinasse will report to Minoru Shinohara, the bank's head of Asian investment banking. Meanwhile, Stephen Metcalfe, co-head of Asian equity capital markets, has left Nomura. He had held the position for nearly three years. Finally, Ellen Tseng has joined Nomura as head of Taiwan research, reporting to head of Asia research Stewart Callaghan. Tseng previously spent six years at Morgan Stanley, where she was an executive director of equity research.

- Deutsche Bank has hired Michael Leung in Singapore to the newly created role of head of asset-backed security (ABS) trading, Asia excluding Japan, covering all classes of ABS, including residential mortgage-backed securities. Leung joins from UBS in New York, where he was an executive director in the fixed-income division, responsible for non-agency mortgage structuring and various MBS and ABS-related proprietary trading desks. He will report regionally to Greg Park, head of securitisation for Asia excluding Japan, and Chetankumar Shah, head of credit trading, collateralised debt obligations and credit structuring for Asia. Globally, he will report to Hyung Peak, managing director, residential mortgage-backed securities, at Deutsche Bank in New York.

- Chew Soon Gek has joined Deutsche Bank as Singapore-based chief investment officer (CIO) of the bank's Asian private wealth management business. She moves from ING Private Bank in Singapore, where she was CIO. Chew reports to Frankfurt-based Klaus Martini, CIO, private clients, and locally to Singapore-based Ravi Raju, head of private wealth management in Asia-Pacific.

- Andrew Barclay and John Cobb have been named as co-heads of Goldman Sachs JB Were's New Zealand unit, replacing Lance Jenkins, who has resigned as chief executive and will leave on July 31 after 15 years at the firm. Cobb is currently head of New Zealand private wealth management and Barclay is co-head of the New Zealand investment banking team alongside David Cameron-Brown.

- Citi has appointed Steven Wallace as head of M&A for Asia-Pacific, replacing Gordon Patterson, who moved to Deutsche Bank earlier this year. Wallace joins Citi from HSBC, where he had been head of Asia-Pacific investment banking since 2005. Tou Chen, head of HSBC's investment banking in southeast Asia, replaces him. Wallace reports to Mark Renton, head of investment banking for Asia-Pacific, and Dan McNamara, co-head of investment banking, Asia-Pacific. Meanwhile, Michael Mills, previously at UBS in Tokyo, has joined Citi's prime finance broking department as vice-president. The US bank now plans to split the Asian capital introductions role, with Jeff Fisher handling start-ups while Mills will cover foreign investors looking at the Asian market and capital introductions with established hedge funds. Both report to Asia head of prime broking Hannah Goodwin. Citi lost its prime broking sales head Katarina Koenig recently, when she rejoined Goldman Sachs.

- Chris Scott, co-head of equity trading at UBS in Tokyo, is relocating to the Swiss bank's Sydney office for family reasons. His co-head, Taichi Takahashi, is said to be remaining in his position in Tokyo, and Scott is being replaced by Phil Penton, who joins from the firm's London office. Meanwhile, on the prime broking side at UBS, following the departure of Michael Mills to Citi, Miho Okada is now handling Japanese capital introductions. Hugh Abdullah, who remains at UBS in Hong Kong, will continue to deal with Asia (excluding Japan and Australia) capital introductions.

- Bank of America has appointed Kim Hong as Hong Kong-based head of global markets for Asia, replacing Gordon Sangster, whose new role will be announced shortly. Hong was previously at JP Morgan, where he spent seven years in Hong Kong, Korea and Singapore, most recently as regional co-head of credit and rates and retail structured products. He reports to Jonathan Moulds, president for Europe, the Middle East, Africa and Asia, and Colm McCarthy, president, Asia.

- Jamie Spence has quit HSBC to join Royal Bank of Canada as its head of structured credit products markets for Asia-Pacific. Spence joined HSBC about two years ago and worked on a number of innovative synthetic structured credit deals that were largely distributed in Asia. In his new role, he will report to New York-based global distribution head Shane Ackroyd.

- Japan's financial watchdog, the Financial Services Agency (FSA), has named Takafumi Sato as its new head, replacing Hirofumi Gomi, who has been commissioner of the agency for three years. With this appointment, the FSA appears to be sticking with its emphasis on strict compliance, as Sato has been described by the Japanese media as being tough about disciplining financial institutions.

- Andy Yeh has become the chairman of Taiwan Futures Exchange (Taifex), replacing Rong-I Wu, who is now chairman of the Taiwan Stock Exchange Corporation. Yeh previously served at Taiwan Depository & Clearing Corporation (TDCC) for 12 years, most recently as chairman. The clearing system being used by Taifex was developed and is maintained by TDCC.

- The Royal Bank of Scotland (RBS) has hired SY Choi as its first head of global banking & markets (GBM) for South Korea, reporting to Lee Knight, head of fixed income, GBM Asia-Pacific. Choi, who remains in Seoul, was previously Barclays Capital's South Korea country manager and head of financial markets business.

- Morgan Stanley has hired Makoto Fukuda as Japan chairman, replacing Kensuku Hotta. Fukuda is currently chairman of Mizuho Securities and will take up the new post in the fall.

- Mark Dickens has returned to Hong Kong-based fund manager Value Partners, which looks after some $4.8 billion in assets, to head legal, compliance and risk management, after a stint lecturing about corporate governance at the Chinese University of Hong Kong. Dickens was also formerly an executive director at Hong Kong financial regulator the Securities and Futures Commission, where he spent 14 years.

- ABN Amro Asset Management (AAAM) has named Tomasz Stadnik and Chris Kelly as co-heads of global emerging market debt, reporting to Paul Abberley, London-based chief investment officer, fixed income. London-based Kelly and Stadnik will manage AAAM's flagship emerging market bond fund and replace Raphael Kassin, who left AAAM earlier this year. The duo were previously portfolio managers at Credit Suisse, between them managing $1.5 billion in global emerging market debt.

Please contact Pamela Tang with information about people moves. Tel: +852 2169 3345, email: pamela.tang@incisivemedia.com.

BGI MAKES SENIOR HIRES

Barclays Global Investors (BGI), one of the world's largest asset managers with $1.8 trillion under management, has made three appointments to its Asian business. Nick Good becomes head of iShares, Asia-Pacific and will remain in San Francisco for the time being. iShares is the largest exchange-traded funds provider in the world, and Good is now is responsible for the business across Australia, China, Hong Kong, Japan, Korea, Singapore and Taiwan. He was previously head of strategy and planning for both iShares and BGI's Institutional Index businesses globally.

Fred Horsey becomes Hong Kong-based chief operating officer of BGI Asia excluding Japan. Before this move, he worked for 10 years at JP Morgan, most recently as head of Asia product development. Veronica Lam has also joined BGI Asia ex-Japan in Hong Kong to strengthen the business development and client service team for BGI's North Asian clients. Lam previously worked at Fidelity Investments Management as a senior manager in the institutional business in Hong Kong.

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