UBS Warburg plans to set up a credit derivatives desk in the Lion City and has hired Anders Haagen, v.p. in the credit derivatives trading and structuring group at ABN AMRO in Singapore, to spearhead the effort. The firm already has a bond desk and a derivatives desk would be a natural extension, according to market officials. Haagen confirmed his appointment but referred further queries to Lee Knight, managing director of the fixed income division at UBS in Tokyo. Knight declined comment.
The firm will likely hire additional traders and structures early next year, according to officials familiar with the situation. Haagen is an indirect replacement for Tony Kay, a credit derivatives trader who covered non-Japan Asia out of Tokyo and recently joined Bank of America (DW, 8/18).
Haagen joined ABN last year (DW, 11/5) and reported to Arne Groes, head of credit derivatives in London. Groes did not return calls.
