Bear Stearns is expanding its equity-linked product range out of Hong Kong with three hires from Deutsche Bank. Dan Azzi, head of equity swaps trading and market-access products for Asia ex-Japan, joins as a managing director, May Woo, head of Asia ex-Japan stock lending, joins as an associate director and Raoul Preller, equity derivatives trader, joins as a v.p.
The plan is to kick start prime brokerage activities including synthetic stock lending and market-access products. "This is part of our growth strategy in Asia," said Kin Cheung, senior managing director and head of equity trading for Asia at Bear Stearns in Tokyo. "We first built up a successful investment products platform and we're now looking into additional areas to complement that business."
The firm established a Hong Kong-based Asia ex-Japan equity derivatives desk last year with a marketing team from Merrill Lynch (DW, 3/12/05) and has subsequently made several hires for the effort. For the prime brokerage portion Bear Stearns is planning to launch market access products, which have proved popular in the last few years on Asian underlying. "We'll begin providing these services in Korean, Taiwanese and Indian equities pretty much immediately with plans to expand into many other countries in the region," noted Cheung.
Jason Collins, spokesman at Deutsche Bank, did not respond to messages by press time.