Bear Stearns Retools Tokyo Desk, Nabs BofA Marketer

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Bear Stearns Retools Tokyo Desk, Nabs BofA Marketer

Bear Stearns has hired Fumio Nashiro, principal of equity financial products at Bank of America in Tokyo, as a senior managing director and head of distribution in Tokyo, according to Michel Péretié, senior managing director and head of fixed-income and derivatives for Europe and Asia in London.

Péretié continued that Bear Stearns has added a local management team in Japan for the fixed-income and derivatives desk, simplifying reporting lines for Tokyo staff. This is part of a restructuring initiative for fixed-income and derivatives, which began last year under Péretié in Europe, to boost the firm's capabilities.

Nashiro heads the distribution side while Lenny Feder, previously head of municipal derivatives in New York, transferred to Tokyo to head the trading desk. Feder and Nashiro declined comment. "Before the reporting lines were not as clear-cut," noted Péretié, adding that previously derivatives pros in Japan had reporting lines to New York and London.

He continued that while he will look to hire an additional five to 10 traders and marketers for the Tokyo branch, the operation will remain lean. "Our size might be seen as a weakness but it's a strength," added Péretié, citing the team's experience and flexibility.

At BofA Nashiro reported to Nick Waltner, head of equity financial products in Tokyo. Waltner said that Nashiro's responsibilities have been assumed by Yoshiki Yamaguchi, principal of equity financial products. Yamaguchi declined comment.

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