Nikko Salomon Smith Barney is bringing aboard Terry Koh, credit derivatives trader at JPMorgan, in a similar role in Tokyo in the coming weeks. "This is a great move for Salomon," noted a credit derivatives head at a rival firm, adding, "Terry's a solid trader, he'll make a strong impact over there." Another credit derivatives head noted, "With Koh aboard, Salomon should be a formidable competitor." Nikko has been planning to expand its credit desk since the beginning of the year on the back of growing client interest (DW, 1/27).
Additionally, Peter Meijer, v.p. of credit derivatives portfolio trading at Schroder Salomon Smith Barney in London, will be heading to Tokyo for two or three months this summer to oversee the buildup. "We want to build a fully-integrated credit derivatives trading business in Tokyo," said Meijer, noting that currently the trading for Japanese credits is jointly shared between the London and Tokyo desks.
Koh will report to Yoshito Matsuura, the Japanese head of credit derivatives. At JPMorgan, Koh reported to Kazuyasu Makabe, head of credit derivatives trading. Makabe was on vacation and could not be reached for comment. Koh has been replaced by Jason Chu, v.p. of the rates trading group in Tokyo. Chu said that he assumed the responsibilities two weeks ago. Matsuura declined comment.