The Royal Bank of Scotland has hired Garry Frenklah, derivatives marketer at SMBC Capital Markets in Hong Kong. He joins in a new role as head of private banking sales for foreign exchange, equity and precious metals in Hong Kong and has a remit to build up a team. "There's enormous potential. People are getting richer, more sophisticated and the number of products is growing," noted Frenklah. RBS is looking to add a handful of staff by year-end, with the primary focus on Hong Kong and Singapore. The move follows a similar build up in equity derivatives in Japan earlier this year (DW, 3/3).
Frenklah said private banking clients are looking for yield-enhancement structures such as worst-of baskets and daily accumulators. He reports to Franklin Heng, head of equity derivative sales for Asia ex-Japan, based in Hong Kong, who worked with Frenklah at HSBC a few years back.
Anthony Sewell, head of marketing at SMBC in Hong Kong, said the existing team will assume Frenklah's role.
