Bank of America is planning on consolidating its Asian credit derivatives trading operation in Tokyo in the coming months, according to Kenichi Tatsuzawa, head of global markets in Tokyo. "We are trying to centralize the trading operation," said Tatsuzawa, adding, "Traders should sit together, creating synergies for the team." The firm is looking to relocate Nick Jones, v.p. of credit trading in Hong Kong, who handles trading for the Asian region, to Tokyo in the coming months. Jones declined comment.
Tatsuzawa said the decision to centralize in Tokyo is not related to recent departures (DW, 4/14), but a decision made by Sal Amery, head of the structured products group in Tokyo, as part of his strategy to strengthen the operation. Tatsuzawa continued that the set-up will be more efficient, allowing it to consolidate risk management, information technology systems and back office support.
The firm is looking to bulk up its credit operation in Tokyo and hire approximately eight traders and structurers, according to Tatsuzawa. Marketers covering Asia will be based outside of Japan while additional traders will be based in Tokyo. Tatsuzawa added that a number of firms, including Merrill Lynch, have a similar set-up.Takayuki Inoue, spokesman at Merrill in Tokyo, declined comment.
Additionally, Leon Hindle, v.p. of structured credit products in Hong Kong, is joining Lehman Brothers in Tokyo, according to market officials. At Lehman, he will report to Juwahar Chirimar, head of credit derivatives in Tokyo. Chirimar and Hindle declined comment. At BofA he reported to Amery, who was traveling and could not be reached. Tatsuzawa said Hindle will be replaced as part of the build up.
