Salomon Smith Barney is bringing aboard Scott Sohn, manager of interest rate trading at the Korea Development Bank in Seoul, as a trader for its fixed income desk. Officials at SSB said Sohn, who will start next month, will trade interest rate derivatives on the back of structured fixed income deals as part of Salomon's effort to boost its structuring business.
The exotic bond market in Korea has been heating up over the course of the year as investors are clamoring for enhanced yield and a number of firms have started marketing new products, such as callable and range accrual notes (DW, 6/16). Sohn will report to Jeff Herbert-Smith, managing director and co-head of fixed income for Australia, New Zealand and Korea in Sydney. Herbert-Smith was traveling and could not be reached.
At KDB, Sohn reported to S.W. Kim, head of interest rate trading in Seoul. Kim said the remaining staff will assume Sohn's responsibilities, declining further comment.
