Dimitrios Kavvathas, a former partner at Goldman Sachs and co-head of Asia Pacific ex-Japan securities distribution and head of Asia Pacific structuring, has joined VTB Capital in Hong Kong after retiring Goldman in January.
Kavvathas joins the Russian bank as head of global markets, Asia Pacific, responsible for managing, expanding and further developing VTB Capital’s sales and trading capabilities in the region. He started the job this week, sources from the bank confirm.
The news comes 10 months after Kavvathas left Goldman. He had been at the bank since 2001, where he began working the interest rate hedge fund sales desk. In 2008, he took over as co-head of EMEA credit flow sales. In 2009 he moved to Hong Kong and took over equity derivatives and credit distribution. He was named a managing director in 2005 and a partner in 2008.
Kavvathas’ appointment is a coup for VTB Capital as it continues to build a presence in Asia. In January 2012, the investment bank hired veteran Bank of America Merrill Lynch banker Damian Chunilal to become its first chief executive in Asia. Chunilal’s appointment came just two months after the firm opened its Hong Kong office.
Chunilal has been central in overseeing VTB’s development in Asia, specifically seeing to help Russian and Asian companies move outside their home markets for funding. In July, the bank furthered its mission by signing a memorandum of understanding with Chinese brokerage Citic Securities to collaborate on cross-border mergers and acquisition and investment activity between Russia and China.
Also as part of VTB’s plans, the bank sought to double its head count in Asia from 12 staff in July 2012 to 24 by July 2013, Chunilal told Asiamoney PLUS’ sister publication EuroWeek Asia in July 2012.
This year alone, VTB has appointed Bryan Ko as head of investment grade credit trading in Asia, Ben Jones as head of fixed income sales, and Jason Fung as head of Asia financing structuring.