Zurich Capital Markets has hired a pair of senior derivatives bankers as part of its effort to establish an over-the-counter powerhouse in Sydney. Stephen Conrad, head of structured trading and derivatives at Macquarie Bank in Sydney joins this week, to be followed by Richard Howes, co-head of agricultural derivatives at Macquarie in Chicago, according to market officials. Both are veterans of Bankers Trust, as are most of the senior capital markets officials at Zurich.
The Swiss firm, which is rated AA+, likely is looking to exploit a gap in the market following the dissolution of BT Australia, according to one market watcher. He believes there is room for a highly rated derivatives house to offer risk management and structured products across the Asia Pacific market. Zurich Capital Markets' Sydney office is headed by Rodney Payne and Dominic Stevens, both formerly with BT. Andrew Downe, group head of treasury at Macquarie in Sydney, confirmed that Howes is due to join Zurich, declining further comment. --H.C. & Victor Kremer
