Morgan Stanley’s head of foreign exchange (FX) and emerging markets trading for Asia, David Hong, and head of Asia rates trading, Panich Prompat, have both resigned their positions at the bank this week, sources tell Asiamoney PLUS.
Both Hong and Prompat will join an undisclosed global hedge fund in Singapore, though their roles could not be confirmed.
Daniel Whang, a rates trader out of Hong Kong, has also resigned from the bank and is said to be joining a hedge fund. It is unclear if he is joining the same fund as Hong and Prompat. He joined the bank in March 2011.
Hong, who is also based in Hong Kong, was a managing director who oversaw G10 FX and emerging markets currency and rates trading in the region. He had held the role since August 31, 2010 and reported globally to Morgan Stanley’s co-heads of FX and emerging markets, Hong Kong-based Stephen Glynn and New York-based Senaud Prusac.
Hong joined Morgan Stanley after nine years at RBS and ABN Amro in Singapore. He had most recently been the head of global Asian FX and short-term interest rates trading and Asia Pacific head of FX trading.
He previously worked at UBS and J.P. Morgan.
Prompat, meanwhile, was an executive director in Hong Kong.
A representative from Morgan Stanley confirmed the departures.
Morgan Stanley also announced internally last month that Ismail Bhaimia would depart his role as the head of Asia credit trading to become the bank’s global head of risk management for fixed income. He will relocate from Hong Kong to New York for that role.
Dean Wang, a managing director, will now head up Asia credit trading from Hong Kong.
At the same time, the bank announced that Ken Merner will become Morgan Stanley’s head of securitised products in Japan in addition to his role as head of Japan’s special situations group.
Destination hedge fund
Hong, Prompat and Whang’s departures follow the exits of other senior investment bankers to hedge funds in recent months.
On May 13, Jeffrey Yap, head of Asia fixed income trading at Mizuho, left the bank after three years to set up his own hedge fund. He had worked in finance for more than 16 years in a series of different roles at investments, hedge funds and a news portal.
Yap’s fund is likely to be set up in August.
And on May 20, Kenneth Lee, head of syndicate Asia for Barclays, resigned from the bank with the aim of setting up an Asian credit fund.