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Derivatives

DeAM Readies Asian Structured Product Push

Deutsche Asset Management is gearing up to enter structured products in Asia and has hired Michel Bang, head of derivative sales at TD Securities in Tokyo, to lead the operation from Singapore, according to market officials.

Deutsche Asset Management is gearing up to enter structured products in Asia and has hired Michel Bang, head of derivative sales at TD Securities in Tokyo, to lead the operation from Singapore, according to market officials.

The initiative is spearheaded by Ed Peter, head of Deutsche Asset Management for Asia, Australia and Japan. Peter joined the asset manager, which has USD730.5 billion in global assets, in April after a high-profile stint as Deutsche Bank Asia Pacific ex-Japan head of equities. In that slot he built up a large cash equity business in Hong Kong with a wave of hires. "It looks like he's building a new empire," said one market official. Peter, who recently moved from Hong Kong to the Lion City, was traveling and Bang could not be reached. "Ed Peter is currently undertaking a strategic review, which includes business decisions on structured products," said Kristin Silva, spokeswoman in Sydney, declining to elaborate.

The asset manager also recruited Paul Goodman, head of trading business management at ABN AMRO in Hong Kong. Goodman, who started last month as business manager for Asia ex-Japan in Hong Kong, had prior roles at ABN including director of derivatives marketing and product development. At DeAM he will also work on launching new products in the region.

Market officials said DeAM will likely offer longer-dated equity and fixed income products, as well as looking to include fund-linked and real estate-linked structured products in its offering for institutional investors. Officials said DeAM may potentially target the large retail base in the region. "There are no other asset managers with this kind of setup," said one official close to the firm. DWS Investments, DeAM's retail arm in Europe, is also planning a push into structured products (DW, 7/1).

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