JPMorgan in Asia has created an integrated team to focus on trading exotic products with credit, rate, fx and simple equity index underlying, especially hybrid transactions. With growing opportunities in cross-asset products, a firm official said it makes sense for the traders to sit together.
Observers said the strategy is a novel one. "This is unique," reflected a headhunter, adding that while rates and credit trading typically sit under a general fixed income umbrella, this is the first time in the region two desks have been combined, rather than working under some joint-venture arrangement for deals.
The retooling is coupled with the recent hire of Tarun Mahrotri, head of regional trading at HSBC in Hong Kong. In the next few weeks, Mahrotri assumes a new role as head of Asia-Pacific ex-Japan fx and rates sales and trading, and co-head of fixed income sales and trading based in Hong Kong. Chris Nicholas, head of Asian distressed debt in Hong Kong, will become the other co-head. Market officials said the new roles follow the recent departure of Chester Kam, Asia-Pacific head of credit and rates trading (DW, 1/27).
Mahrotri could not be reached and Nicholas did not return repeated calls. Megan Donald, spokeswoman at JPMorgan in Hong Kong, confirmed Mahrotri's appointment but declined to elaborate on the restructuring effort.
