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WestLB Bulks Up Tokyo Desk

10 Feb 2003

WestLB Securities Pacific, the Tokyo-based arm of Germany's Westdeutsche Landesbank, has beefed up its derivatives operation with several hires and transfers. "We have made a number of strategic hires in conjunction with refocusing our business on core credit and derivatives markets," said Terence Mark, deputy head of sales in Tokyo. He added, "These are growth businesses in Japan."

WestLB is restructuring its derivatives business in Japan on the back of transferring Robert Brennan, U.S. head of derivatives in New York, to Tokyo as Asian head of the risk market group with a mandate to build up the business in the region (DW, 12/15).

The firm recently hired Hidekazu Morita, a trader at the now-defunct Gen Re Securities, as director of exotics trading, and Nobuaki Koyama, a credit derivatives marketer at Merrill Lynch, as a director of credit derivatives marketing. WestLB also hired Takayuki Yamazaki, a marketer at TD Securities, as a director of fixed income derivatives marketing. Koyama reports to Mark. Yamazaki reports to Keisuke Mitsui, head of distribution in Tokyo. Morita, Koyama and Yamazaki declined all comment.

Mark said the firm is looking to hire an additional credit marketer, one or two fixed income derivatives marketers and a quantitative analyst for the trading desk.

Additionally, Masaaki Shimizu has transferred from WestLB's bank branch to the securities group to handle Japanese government bond and options trading.

Shimizu and Morita report to Brennan. For the bank branch side, Stuart Schuster has been appointed treasurer, with responsibility for funding, proprietary trading and treasury products. Schuster said he previously ran the bank's proprietary trading book and has replaced Michael Jordan, who has transferred to Singapore.

An official at TD said that Yamazaki is being replaced, declining further comment. Takayuki Inoue, spokesman at Merrill, declined comment.

10 Feb 2003