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Derivatives

Bear Stearns Nabs Lehman Equity Co-Head

Bear Stearns last week brought aboard Kin Sang Cheung, co-head of equity derivatives structuring and exotics at Lehman Brothers in Tokyo, in a new position as senior managing director and Asia head of equity derivatives trading, according to market officials. "We think he's really talented. To get a guy like him is a pretty good thing," said Lenny Feder, head of trading at Bear Stearns in Tokyo, noting that Cheung has over 15 years of experience in the business. Cheung, who was traveling to New York and could not be reached for comment, now reports to Feder. Feder continued that Cheung has joined in a new senior role and will work alongside Susan Chan, managing director of equity derivatives trading in Tokyo. Feder noted that Cheung was brought aboard to add experience to aid in boosting the firm's presence in equity derivatives in Asia.

"We're looking at this business strategically," added Feder, noting that it will consider opportunistic hires for equity derivatives trading and is also considering hiring two additional sales professionals by year-end.

At Lehman, Cheung's responsibilities are now being handled by the former co-head and now head for Asia, Arnaud Bastit in Tokyo. Bastit noted that Kin had focused primarily on non-Japan Asia while Bastit looked after Japan and that now he will look after both markets. Cheung reported to Jerome Dupuy, Asian head of equity derivatives trading and marketing in Tokyo. Dupuy was on vacation and could not be reached for comment.

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