HSBC has tapped Merrill Lynch for two officials to fill new slots as co-heads of equities in the global markets group for Asia-Pacific. The move is part of a regional equity derivatives ramp-up at the giant bank.
Joseph Chang, head of delta one trading at Merrill, and David Scott, equity derivatives marketer, have joined and filled the Hong Kong-based roles. HSBC officials attributed the move to Simon Brookhouse, global head of equities in London, who joined earlier this year from Merrill where he was the head of the global equity-linked business for London, to oversee a build-up at the British house (DW, 4/7).
An equity official at a rival firm said Chang and Scott are experienced equity players across markets in the region and should be able to establish the business. "They have a solid chance but it's not only up to the people---firm commitment and systems also play a role," he added. "Given their balance sheet and presence in the region they could become a formidable competitor," concurred an equity head at a top-tier firm.
Mark Tsang, spokesman at Merrill, declined comment.
