Dresdner Kleinwort Wasserstein is bolstering its equity derivatives operation in Asia with the launch of a desk in Hong Kong and new hires in Tokyo. The firm will initially focus on issuing and trading local warrants but plans to expand into all other equity derivative products.
The firm has brought over equity derivative traders H.C. Liu from its Tokyo branch and Michael Chang from London to head up its Hong Kong equity push. "It's all set up and ready to go," said Liu, adding that it will begin trading this week. Chang noted that Dresdner is looking to turn the Hong Kong office into a regional hub, handling other derivative classes. "This is just the initial footprint," he added. Chang believes now is the time to set up because markets are turning around.
Several rival traders in Hong Kong said they would wait and see what happens, mentioning it was too early to tell if Dresdner would be a force in the local mart. "Some firms have come out of the blue and have done well. Others came out of the box and fizzled," remarked a trader.
In Tokyo, Dresdner recently hired equity derivative marketers Kazuairo Terou fromNikko Salomon Smith Barney and Hideo Matsuura from BNP Paribas. Terou will focus on corporate clients and Matsuura will market to hedge funds. Chea Srun, head of derivatives trading at Dresdner in Tokyo, said the expansion in Asia has been planned since last year, adding that Dresdner wants to strengthen its derivatives arm, especially in equity derivatives. Matsuura and Terou could not be reached for comment.
