Bear Stearns has hired Ralph Orciuoli, managing director of structured credit products at Bank of America in Tokyo, in a new role as head of credit trading in Tokyo, according to Lenny Feder, head of credit trading at Bear Stearns in Tokyo. Feder said the firm is looking to build up its credit derivatives group in the coming months, hiring two traders and two marketers. "We're looking to take it to the next level," said Feder, noting that with the recent revamp in Tokyo, which brought Feder over from the New York office in a new role (DW, 3/8), the firm is focused on expanding its credit derivatives business. Currently, the credit trading desk reports directly to Feder.
Orciuoli, who will start in early April, will be responsible for cash and derivatives credit trading, noted Feder.
Orciuoli is the latest in a long line of senior derivatives professionals, including Nick Waltner, managing director and head of equity financial products in Tokyo, to leave BofA this year (DW, 3/17).