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Standard Chartered is making a push into selling derivatives products in Africa and has appointed Jean-Michel D'Oultrement, treasurer for U.K. and Europe in London, to be the head of markets for Africa based in London. D'Oultrement replaces Peter McLean, who has been appointed as chief executive of Standard Chartered Zambia, McLean said. D'Oultrement was traveling and could not be reached.

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."

Asian equity derivatives market veteran Nick Waltner plans to start using over-the-counter derivatives when his fledgling hedge fund, Kulshan Capital Management, reaches USD50 million in assets under management. The Seattle-based fund, which has USD5 million under management, is building up a track record in the U.S. cash equity market and will look at overseas markets such as Asia in the coming months, he said. Waltner, who established the fund last year (DW, 3/18), was previously responsible for setting up an Asian equity derivatives business for Bank of America in Tokyo and before that ran the equity derivatives desk at Nikko Salomon Smith Barney.

Segall, Bryant & Hamill is looking to assume additional risk in its portfolio, either by moving down in credit quality or by adding to its mortgage-backed holdings. Greg Hosbein, portfolio manager of $1.5 billion, says the firm will shift about $30 million out of higher quality corporate or agency paper into lower-rated corporates or mortgage pass throughs in order to pick up additional yield. Before making the trade, Hosbein wants to wait for further spread widening in the secondary market, which he believes will occur as war-related concerns gather momentum.

While trying to contact a CDO desk late last week, a Loan Market Week staffer was told, "They're all in Scottsdale, Arizona." To which the naïve staffer said, "Oh, at the Asset Securitzation Conference." The bemused person at the other end of the line, responded, "No, playing golf." Believing this was a joke, the reporter went onto the Web Site of the conference and noticed that The Eighth Annual ABS West golf tournament was in fact underway on the Links golf course at the Arizona Biltmore. Sessions had concluded by tee-off.

The Deal Roll-off Chart, provided by Capital DATA Loanware, lists the 50 largest leveraged credit facilities in the U.S. market that are due to mature twelve months from now. It is designed to provide a look at potentially available money in the market as credits are renewed or retired.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

BWD Rensburg Ltd. is selectively buying new triple-A rated corporate issues. John Anderson, a Leeds-based portfolio manager of £21 million in gilts and corporates, says he has been putting new money to work in new issues from the European Investment Bank, the Inter-American Development Bank and the World Bank. Anderson buys bonds with a minimum maturity of five years, because of the fund's investment mandate. BWD Rensburg manages £300 million in fixed-income assets.

Margo Cook, portfolio manager at BNY Asset Management, will rotate 5% of the firm's portfolio, or $250 million, from Treasuries into corporates. The firm will look at the geopolitical environment and initiate the move if Treasuries rally as an immediate response to a war with Iraq, which Cook says is likely to be the case. She says a trigger for the rotation would be if the 10-year Treasury yield fell to 3.5% from last Monday's 4%.

Keith Jacobson, managing director and former head of the recently disbanded strategic solutions group (SSG) at Merrill Lynch in New York, has left the firm. After SSG, a specialized group responsible for structuring and marketing derivatives-based transactions, was merged into Merrill's derivatives sales division last November, Jacobson's role was eliminated (DW, 11/10). Jacobson quit in late January after failing to find a suitable role within the firm, explained one Merrill insider. Michael DuVally, spokesman at the firm in New York, declined comment. Jacobson could not be reached.

Andrew Feldstein, managing director and co-head of North American structured products and derivatives marketing at JPMorgan in New York, has reportedly resigned. Calls to Feldstein's office in New York were not immediately returned. Chris Harvey, managing director and co-head of the division, was traveling and did not respond to a voicemail message. Michael Dorfsman, a JPMorgan spokesman in New York, could not immediately provide comment.

Andrew Feldstein, managing director and co-head of North American structured products and derivatives marketing at JPMorgan in New York, has resigned. Michael Dorfsman, a JPMorgan spokesman in New York, confirmed the resignation, adding that Feldstein is exploring other options within JPMorgan or in partnership with the firm. He said it is premature to discuss plans for Feldstein's replacement, declining further comment.