Merrill Lynch is retooling its Asian derivatives operation. The reorganization involves introducing new management, as well as creating a team to develop businesses in the region.
Yasuhiro Fujiwara, co-head of Pacific Rim equity in Tokyo, has also been named as the co-head of Pacific Rim, alongside Antony Hung, head of Asia-Pacific debt markets in Hong Kong. The firm recently combined its Asia-Pacific and Japanese equity businesses into a single platform (DW, 9/1).
James Rodríguez de Castro, managing director in global equity markets, who oversaw equity derivatives trading for Asia ex-Japan based in Hong Kong, has assumed a new role as head of global markets new initiatives and advisory for the Pacific Rim. De Castro will have a range of responsibilities including risk-management strategies and developing new businesses across fixed income, commodities, currencies and equities in Asia-Pacific, according to an internal memo obtained by DW. De Castro, who has worked at the firm for 13 years in equity derivative roles in both Tokyo and Hong Kong, could not be reached. Officials close to the firm said he will assemble a team for the initiative in the next few months for a broad mandate that may include acquisitions in the region. Winnie Chiu, managing director in Hong Kong, has assumed De Castro's responsibilities for equity-linked trading.
The Asian reshuffle follows a reorganization of Merrill's global markets group, which includes such businesses as debt, rates and credit, commodities, and real estate. These areas have been combined into one unit dubbed fixed income, currencies and commodities, reporting into Osman Semerci, co-president of global markets and investment banking for Europe, Africa and the Middle East in London. Semerci has been named global head of FICC.
