Crédit Agricole Indosuez has hired Duan Yang, interest-rate trader at Credit Lyonnais in Hong Kong, in a similar post, according to an official familiar with the move. Yang will report to Eddie Lee, head of fixed income in Hong Kong, when he starts in the coming weeks.
"They're paying way over the top," the official added, noting that with the bonus season around the corner, Indosuez had to shell out a USD500,000 guaranteed bonus-- be paid at Chinese New Year in February--to attract Yang at this time. "That's definitely above average," noted a headhunter in Hong Kong, adding that guaranteed bonuses are typically around USD250-300,000. Rivals and headhunters said he is a well-respected trader and is having a tremendous year.
An interest-rate trader at Indosuez said the firm is expanding its operation in Hong Kong but declined to comment on specifics or Yang's status or compensation package. "We're trying to build up our profile," said Lee, commenting on the interest-rate desk. He declined further comment.
At Credit Lyonnais Yang reported to Frédéric Lainé, head of Asia derivatives products in Hong Kong. Lainé was on vacation and could not be reached. An official at Lyonnais confirmed that Yang had resigned but declined to comment on a replacement. Yang could not be reached.