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Derivatives

Singapore Fund Manager Readies Credit Trading Debut

Pacific Asset Management, with over USD120 million under management, is gearing up to start purchasing and selling credit-default swaps on Asian underlyings by year end. "These will allow us to obtain some degree of leverage," said Desmond Soon, investment manager. He added that the fund manager has studied the instruments since last year (DW, 9/8) but had not pulled the trigger on any deals because of administrative problems, about which Soon declined to elaborate.

Pacific Asset Management is speaking with several houses about credit derivatives, including Credit Suisse First Boston, Deutsche Bank and Merrill Lynch. The asset manager will select counterparties on the basis of pricing, noted Soon.

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