Citigroup has recently transferred Michael Walker, head of equity structured products in Sydney, to Hong Kong to fill a new role as Asia-Pacific head of warrants. He'll be expanding the warrants business in the region.
"We're looking to lift the presence of our global warrants franchise," said Walker, noting the bank is looking to follow up on its established businesses in Australia and Europe. The firm is now putting in place regional teams and will look to become a regular issuer in Hong Kong, Singapore, Korea and Taiwan. "This is also a way for us to diversify our risk," added Walker.
The bank has been an issuer of warrants in Hong Kong on an ad-hoc basis for institutional investors, but will shortly launch a regular issuance program catering to the retail audience. After Hong Kong, Citi will next target the growing Singapore market as well as Taiwan and the newly-opened Korean market.
Responsibilities for structured products and the warrants business in Australia have been jointly assumed by Irfan Khan and John Manchee, both in the equity structured products group in Sydney.