Derivs - People and Markets

A number of brokerage houses in Asia are entering the over-the-counter derivatives market or beefing up their existing presence. According to a number of headhunters in the region, several firms are on the hunt for trading and sales professionals who have been let go from banks in a bid to grab market share.

U.K.-based Meteor Asset Management is looking to launch a new income plan linked to either the FTSE 100, the EURO STOXX 50 or the Halifax House Price Index. It will have a five-year term and offer a fixed payout irrespective of how the index is performing.

Credit Suisse is looking to build its presence in asset liability management in Asia, where flow derivatives are used to help institutional investors manage long-term exposures.

New York-headquartered equity and equity options shop Bay Crest Partners is ramping up to buy and sell bonds.

Harvest Volatility Management has set a July 1 launch date for an unnamed volatility arbitrage offering.

Rabobank is working with Sarasin Group to launch bespoke indices that would mimic the performance of the Swiss private bank’s sustainability funds.

A second collateralized debt obligation from London-based Wharton Asset Management has hit an event of default.

Raoul Cassen, a structured credit sales staffer at Royal Bank of Scotland in London, is reportedly set to join Goldman Sachs shortly.

The first hearing concerning the repayment rights of a defaulted swap counterparty in a collateralized debt obligation was heard last Tuesday, after being adjourned from March 11 by the U.S. Bankruptcy Court for the Southern District of New York.

Merrill Lynch made another round of cuts in Asia approximately two weeks ago, impacting its equity derivatives division.

Morgan Joseph has hired David Vegh as v.p. in structured product sales.

Bart Kuijpers, head of corporate pension solutions involving derivatives at Royal Bank of Scotland in London, is set to join Société Générale.