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Derivatives

Asia Credit Derivatives House Of The Year

JPMORGAN

Mahesh Bulchandani

In this closely contested category the U.S. firm clinched predominantly due to investor praise for its cross-asset-class sales group and the range of structures it can offer. JPMorgan's regional office network and local correlation traders are also a big draw for clients and the envy of rivals. "It has a very deep domestic presence," noted one dealer in the region. The structured credit group led by Mahesh Bulchandani has come up with a variety of innovations this year, including a novel collateralized debt obligation with a foreign exchange hedge linked to the default risk of the CDO. JPMorgan's own-brand version of constant proportion portfolio insurance, known as synthetic portfolio insurance, has also been particularly admired in Asia. Investors said it has separated itself from rivals by its careful selection of managers. The SPI fund JPMorgan launched with Cheyne Capital Management last year (DW, 7/29/05) has remained open because of its continued popularity.

 

Other Nominees:

* Barclays Capital * Citigroup

* Deutsche Bank * Lehman Brothers

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