Wachovia Securities is planning to establish an interest-rate derivatives structuring and trading desk in Hong Kong as part of a fixed income expansion in the region. "A new team will be brought in," said Yan Pang, v.p. in fixed income sales in Hong Kong, explaining the firm will be able to structure and trade interest-rate products in the same zone. It could not be determined who will head up the operation or who is responsible for hiring.
Yan joined this month from Fortis Bank in Hong Kong, to boost marketing capabilities for China. She continued that for the desk a few staff will transfer from the U.S. as well as be recruited locally, within a time frame of two-to-three months. The move follows on the back of the firm's establishment of a fixed income desk in late 2004, which leveraged the U.S. house's position in securitization (DW, 9/3/04).
