Calyon is bringing aboard a five-man team from Nikko Citigroup to boost its equity derivatives business in Japan. Well-known market veteran Hiroshi Wakutsu, managing director in equity derivatives at Nikko Citi in Tokyo, will join next month as managing director and head of equity derivatives, along with four staff for sales and structuring roles. "We've always had a good trading set-up but lacked power in terms of sales and structuring," said Dominique Blanchard, branch manager at Calyon in Tokyo. He added, "This will help us become a top player in structured products in Japan."
"[The team has] got a good reputation," said a senior equity marketer at a rival U.S. firm, noting that Wakutsu and his team have been among the market leaders in Japan for several years. Wakutsu replaces Paul Saubestre, head of equity derivatives in Tokyo, who recently left and is said to be setting up a hedge fund in Japan. Chiharu Sato, spokeswoman at Nikko Citi, declined comment.
Calyon has been bulking up its operation in Japan across the board since the integration of Crédit Agricole Indosuez and Crédit Lyonnais was completed last year. Blanchard said the firm has made hires in rates, fx and bond trading and is still in expansion mode, with additional hires intended for the equity and credit desks.
