UBS Warburg has hired Phil Tsao, interest-rate derivatives marketer for Greater China at Goldman Sachs in Hong Kong, as head of Asia derivatives marketing, according to Joonkee Hong, managing director and Asian head of debt capital markets in Hong Kong. Hong declined further comment and Tsao is on gardening leave and could not be reached.
An official familiar with the hire said Tsao will handle fixed-income derivatives for non-Japan Asia and will report to Hong. Tsao starts in the next couple of weeks. UBS created the position to place a greater emphasis on the Chinese market as more domestic banks look to manage their assets and liabilities with interest-rate swaps. Other firms in the region, such as Crédit Agricole Indosuez, have pursued similar strategies (DW, 1/21). The official continued that it is likely that UBS will add an additional marketer for this effort in the coming months.
Tsao's appointment will add a layer of management to the derivatives group, according to the official. Previously the derivatives marketers had reported directly to Hong.
At Goldman, Tsao reported to Tracey McCabe, managing director and head of fixed-income at Goldman in Hong Kong. McCabe did not return calls. Edward Naylor, spokesman at Goldman in Hong Kong, declined comment.
