Goldman Sachs plans to centralize its credit trading activities in Tokyo and has combined its Asian credit and convertible bond trading teams. The firm is moving its five-strong Hong Kong credit derivatives team to Tokyo and expects to start trading for the whole Asian time zone out of Japan in January, according to Orlando Camargo, spokesman in Tokyo. The firm will keep its credit derivatives marketing and sales activity in Hong Kong.
Can Uran, head of trading for Japan and Australia in Tokyo, and Bernard Mensah, head of trading for Non-Japan Asia in Hong Kong, will keep their existing roles. Putting the firm's Asian trading operations in one office means it can respond to shifting client demand more efficiently. In addition, having both talent pools in one area should aid the development of structured products, according to officials familiar with the move. Uran and Mensah declined comment.
Goldman decided to merge its cash and synthetic credit trading groups with its convertible bond team two weeks ago and Uran heads the new group. Asian convertible bonds were run out of London and Goldman is transferring a trader for the effort. Jeremy Eakin, head of European convertible sales and trading in London, will move to Tokyo to be part of the sales effort.
Goldman's Tokyo office has been growing since Tom Montag, head of the fixed income, currency and commodities group as well as the equities division in Asia, arrived in 2000 and the firm intends to use this as a base for its Asian trading team, noted a market official.
The move is part of a wider trend by firms to centralize operations in Japan. Bank of America announced plans to move its credit team to Tokyo earlier this year (DW, 5/19) and Barclays Capital Asia recently decided to move its equity team (DW, 10/13).
