Fortis Bank Hong Kong is planning to beef up its fixed income hub in Hong Kong over the course of the coming year. "We want to build up [the department] to 20 people by early 2004," said Philippe Dirckx, head of interest rate derivatives in Hong Kong, noting he is looking to double the fixed income sales and trading team from its current 10 staffers. "We restructured the business last year and it took some time to get the approval process going," said Dirckx, explaining the rationale for the buildup. Fortis reorganized its fixed income business at the end of last year (DW, 12/2) with Dirckx assuming leadership for the division.
The most recent wave of hiring started with Sam Pang, v.p. in derivatives marketing at ABN AMRO in Hong Kong, and the firm will bring aboard marketers covering Korea and China in the coming weeks. "We're developing this desk step by step," added Dirckx. Fortis is also looking to hire structurers, interest rate and bond traders and debt originators. The firm needs to increase its presence in order to compete with more established players, according to Dirckx. "Ten people is too low to cover all aspects of these markets."
