WestLB Scales Back In Singapore
WestLB is shifting its Singapore fixed income operation to Hong Kong and Tokyo, according to firm officials.
WestLB is shifting its Singapore fixed income operation to Hong Kong and Tokyo, according to firm officials. The move is part of a restructuring effort in the region, headed by Ian Clifton, ceo for Asia in Tokyo, who transferred from London earlier this year (DW, 4/29). Clifton was traveling and could not be reached. For the effort Nick Jones, credit trader in Singapore, who set up the desk last year (DW, 10/1), will shortly relocate to Hong Kong to run both cash and credit derivatives trading, according to officials at the firm. Jones declined comment.
Officials noted the firm is shifting its focus more towards the north Asian markets. The growing potential in northern Asian markets has also prompted houses such as ABN AMRO (DW, 4/15) and Dresdner Kleinwort Wasserstein (DW, 5/13) to shift some resources from the Lion City to Hong Kong.