Dresdner Kleinwort Wasserstein has reopened its Tokyo-based foreign exchange sales desk and is planning to hire staff to build up its presence. As part of the effort, the firm has transferred Hisashi Kasai, v.p. and fx marketer in Singapore, to Tokyo to focus on Japanese institutions.
"We've always had a Japanese presence but this will help us better service our clients across the spectrum," said Eddie Listorti, Asian head of fx and commodities in Singapore, who is spearheading the initiative. He continued, "We'll be adding resources," noting that the firm will further expand the desk, but declined to elaborate.
The move is an about turn from three years ago when Dresdner centralized all sales, trading and structuring for fx in Asia out of Singapore and transferred staff from Tokyo. The resurgence in the Japanese economy, however, means it makes sense to station marketers onshore, noted Listorti.
The move is part of an ongoing restructuring effort at Dresdner in Asia, which has seen the transfer of its regional commodities trading team from Sydney to Singapore earlier this year and the establishment of a credit desk in the Lion City (DW, 3/14).