Dresdner To Set Up Hong Kong Desk

Dresdner Kleinwort Wasserstein is planning to establish a Hong Kong-based fixed income derivatives marketing desk to focus more closely on the growing Greater China markets, according to market officials. For the effort, market veteran Tony Wong, director and marketer in the interest rate, currency and commodities group at Calyon in Hong Kong, has joined the firm in a new role as head of derivative sales for Greater China and will start in the coming weeks. Nuala Connolly, spokeswoman at Dresdner in Tokyo, confirmed that Wong is joining the firm and said he will strengthen Dresdner's existing distribution capabilities to that region, but declined further comment. Wong, who will focus on fixed income derivatives, could not be reached.

The firm currently has marketing and trading staff in its Singapore hub focusing on Hong Kong, China and Taiwan. But market officials noted that with the further liberalization and growth expected in particular on the mainland, the bank is planning to station staff closer to these markets. Eddie Listorti, head of sales and trading for Asia ex-Japan in Singapore, who built up the regional operation with several hires and transfers in the last few years in the Lion City, is believed to be pushing the initiative. Listorti did not return repeated calls. Officials close to the firm expect additional hires for Wong's team in the next few months. "If they want to be seen as a serious player in Northern Asia they need a stronger foothold," said one market official in Hong Kong, noting the vast majority of rival houses have marketers based in Hong Kong to cover Greater China or staff onshore in Taiwan and the mainland.

At Calyon, Wong reported to Frederic Truchot, head of sales for Asia ex-Japan in Hong Kong. Truchot did not return messages.

Dresdner previously had an equity derivatives trading desk in Hong Kong several years back but consolidated its equity operation and shifted it to Tokyo in 2001 following the firm's merger with Allianz (DW, 2/4/02) and has since focused more on fx, interest rate and credit products in Asia.