Goldman Sachs has reorganized its Asian derivatives effort in Hong Kong, integrating cash and equity derivatives trading and establishing a multiple asset-class structuring group. David Voon, managing director and head of equity derivatives in Hong Kong, said he and Tom Morrow, head of Asian shares in Hong Kong, will be co-head the newly minted equity products group. Morrow, who had run the cash equity sales group, declined comment. "Whether they're trading cash products or derivatives, clients see us as one firm--not different departments," said Voon.
Additionally, Voon has been appointed as head of the newly created cross-asset class structuring group, which encompasses credit, fixed income and equity derivatives. "This will be the brainchild for structured products in the region," said Voon. He continued that with the persistent low yield environment, coupled with the equity market picking up steam, customers in the region have been inquiring about such products as equity hybrid notes as ways to take multiple exposures.
The model follows the firm's merged fixed income and equity structuring desk in London but also incorporates credit derivatives. The fixed income and credit structurers will continue reporting into their product heads but now will sit together with the equity structurers and also report into Voon. The equity components of structures will be traded out of Hong Kong while the fixed income and credit legs will be traded out of Tokyo as the fixed income trading desk was moved from Hong Kong last year (DW, 10/27).
Goldman is also bringing over Albert Goh, head of corporate marketing ex-Japan in the Asia Pacific equity derivatives group at JPMorgan in Hong Kong, this week as an executive director in corporate sales in Hong Kong. Reporting to Voon, Goh will focus solely on equity derivatives for corporates. "He'll be the only equity derivatives specialist," said Voon, noting that while corporate marketers currently sell such products, Goh will be the first to focus on the products exclusively. At JPMorgan, Goh reported to Andrew Cooper, head of equity capital and derivatives markets in Hong Kong. Cooper was traveling and could not be reached.
