ABN AMRO has brought in Herman Fong, v.p. in equity derivatives at Indosuez W.I. Carr in Hong Kong, in a new position as a director of equity derivatives trading in Hong Kong. Ali Ahmed, head of equity derivatives trading at ABN in Hong Kong, said Fong's primary focus will be Korea as the bank is looking to build up its coverage. "It's going to be the most profitable market in Asia in terms of trading and marketing this year and next," he said. Ahmed joined from W.I. Carr last month to replace Frank McKirgan after he relocated to London (DW, 8/16). At W.I. Carr, Fong reported to Ali. "Better prospects," said Fong, on explaining why he made the move, declining to elaborate.
Paul Saubestre, managing director and Asian head of equity derivatives at W.I. Carr in Hong Kong, said the firm is relocating traders from the Paris office to rebuild the desk. He declined further comment.
A number of firms in Asia including, JPMorgan and Credit Lyonnais, have been ramping up their coverage for Korea in recent months on the back of the upcoming launch of an onshore equity derivatives market (DW, 9/23).
