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Luigi Grasso, managing director and head of Italian credit derivatives sales at Bank of America in London, has left to join Nomura International as a senior derivatives marketer to Italy in London. Grasso said he resigned because BofA reorganized the global derivatives sales group along product, from regional lines. "The reason why I'm moving is that Nomura will allow me to pursue the way the business should be developed in Italy," he said.

The Philippines regulator is examining allowing derivatives houses to trade foreign exchange products onshore for the first time since the Asian crisis of 1997/8. Firms, including ABN AMRO and HSBC, are getting ready as they expect the products to prove popular with importers and exporters. "We have an atmosphere of liberalization toward these kinds of products," said Ciriaco Dator, head of banking group sector two, which regulates foreign banks, at the Bangko Sentral ng Pilipinas in Manila. The regulator could allow banks to trade the products in the coming months.

Nomura International has established a hedge fund sales business for Asia and hired Steve Liu, head of research at boutique fund house EGS Asia in Hong Kong, to spearhead the effort. "Nomura's always had hedge fund coverage but they wanted to beef up the operation," said Liu, now head of hedge fund sales in Hong Kong. Previously fund coverage was handled from the equity sales desk.

BTP Capital plans to invest in Treasury and agency futures, as well as enter interest rate swaps in its new BTP Tax Advantaged Trading Fund. Chris Dillon, partner in New York, said it will use the derivatives to mitigate interest rate risk.

KBC Alternative Investment Management, a hedge fund manager with USD1 billion under management, is launching a credit arbitrage hedge fund and will use cash and derivative instruments. Andy Preston, cio in London, said the fund will be market neutral and incorporate elements of capital structure arbitrage.

Pablo Salame, partner and head of credit trading for Europe and Asia at Goldman Sachs in London, is believed to have landed the new position of co-head of global credit derivatives. The move is thought to underscore Salame's status as a rising star at Goldman and puts him on par with Ron Tanemura, partner and global head of credit derivatives. Salame referred calls to the press office. Rebecca Nelson, a spokeswoman at Goldman, said Tanemura is moving to New York in January but declined further comment. Tanemura did not return calls.

Josh Penner, co-head of index options trading at Salomon Smith Barney in New York, has left the firm. Bret Engelkemier, Penner's co-head in New York, has taken over Penner's role, according to firm officials.

Schroder Investment Management, a fund manager with USD156.6 billion under management, is considering using leveraged credit derivatives to construct mutual funds in a move several bankers said would be the first instance of pitching credit derivatives to retail investors. John McLaughlin, head of the structured investment team in London, explained Schroder is looking at creating mutual funds that invest mainly in high-grade corporate paper, rated from AA to AAA, and also sell leveraged credit instruments, such as first-to-default baskets, to boost yield. The funds would be closed investments with a fixed-term and offering period, marketed to all types of retail investors and ranging in size from USD15-300 million.

Hua Nan Commercial Bank, one of Taiwan's largest banks with over USD36.3 billion in assets, is preparing to offer interest rate derivatives to its clients for the first time. "This is a new business for us," said Lisa Tsai, deputy treasurer in Taipei. She added, increasing liquidity in the swap market because of falling interest rates, has lead to growing customer demand for interest rate derivatives.

It's been a tough year for Asia's companies – all the more reason to applaud those who have earned recognition from investors in Asiamoney's 11th best-managed companies poll. This time the winners comprise a diverse bunch, from tech to property. Poll compiled by Olivia Chow and Robert Law.

Evergreen Investments will look to add exposure to sectors such as utilities and telecom that had been beaten up but are showing signs of recovery in a bid to add yield. The firm may also look to financial sector credits that have come under pressure such as J.P. Morgan Chase and Citigroup, says David Fowley, portfolio manager of the $530 million Evergreen limited duration fund. Fowley believes these are fundamentally sound credits that will eventually weather the negative headlines that have plagued them of late. Evergreen may add an additional $20-30 million in corporate exposure by the end of the first quarter of next year, though the fund will focus on buying credits that appear undervalued rather than meeting a predetermined target.