Merrill Lynch has named Nigel Beattie, managing director and head of institutional equity derivatives sales in Hong Kong, as head of the Pacific-Rim equity investor client group, a Tokyo-based position that had been vacant for nearly a year. Beattie is now responsible for both cash equity and derivative sales for Asia, Japan and Australia.
"We're making a statement to [the industry] that we're investing in this business," said Beattie, noting that the firm is in particular boosting its presence in Japan. Merrill began reversing cut backs in its Japanese operation last year on the back of the revival in the domestic equity market (DW, 10/20).
As part of the initiative, Merrill recently hired six staff for institutional sales roles in Japan, including Dan Wheeler and Bruce Henwood, both previously marketers at JPMorgan in Tokyo, covering Japanese equity derivatives and Japanese hedge fund sales, respectively. In addition the firm has hired James O'Hanlon, marketer at Commerzbank in Tokyo, in a new role as head of convertible bond sales. Beattie continued that another hire is in the works for Tokyo, as well as for roles in the U.S. or London covering the Japanese market.
Giles Scott, managing director and head of convertible bond sales in Hong Kong, has replaced Beattie as head of equity derivative sales for non-Japan Asia.
Separately, Merrill is bringing aboard Jerry Yoon, marketer in the absolute return group at Deutsche Bank in Hong Kong, in a new position as an equity derivatives marketer. Yoon, who starts next month, will report to Giles Scott, managing director and head of equity derivative sales in Hong Kong, and to Beattie. Scott did not return calls. Yoon could not be reached for comment.
At Deutsche Bank, Yoon reported to Jeffrey Chung, director and head of Asian sales for regional equity markets.
