ING Financial Markets recently lost Singapore-based Mahmood Jumabhoy, head of financial markets for Southeast Asia, and Eric Lam, director of the structured products group, who resigned for what market officials attributed to lower than expected bonuses, which were paid out earlier this year. "Bonuses weren't up to par," noted a headhunter in Hong Kong.
Jumabhoy reported to Leo Janssen, Asian head of financial markets in Hong Kong. Janssen did not return calls. Lam reported to Mark Newman, Asian head of structured products, in Hong Kong. Newman declined comment.
"We wish Mahmood well," said Sheel Kohli, an ING spokesman in Hong Kong, noting that Jumabhoy assisted in building up the Singapore operation. Kohli added that an external replacement for Jumabhoy is "imminent", declining to elaborate. Lam's duties will be handled by the structuring desk in Hong Kong until a replacement is found, Kohli said. He declined to comment on bonuses at ING.
Jumabhoy could not be reached. Lam, who was part of the structuring group at ING that is looking to launch the first synthetic collateralized obligation referenced to a portfolio of synthetic CDOs in Asia this year (DW, 1/13), declined all comment.
