By Marcus Williams
Japan’s Daiwa Capital has appointed Jung Insuk as head of fixed income in Korea and Ajay Marwaha as head of fixed income in India in an expansion of the business.
Insuk joins from Shinhan Investment Corp., where he was head of fixed income, currency & commodities. Prior to this, he was responsible for trading a wide variety of FICC products, such as domestic and international bonds, currencies and derivatives, at Deutsche Bank, Credit Suisse First Boston and KDB Securities.
Ajay Marwaha joins from Nomura in India, where he served as executive director. Previously, he was also responsible for FICC product trading, and involved in the launch of primary dealer business lines at Lehman Brothers and Citi Group.
In November 2009, Daiwa Capital Markets announced a four-part core action plan to expand its Asian business: upgrading the Hong Kong office to second headquarters status, increasing personnel, strengthening of capital, and appointing local influential figures as advisors. Since then, a number of senior level hires, as well as a series of capital injections have been made in line with this strategy.
These expansion plans, which are focused particularly on China and Hong Kong, followed by India, South Korea, Taiwan and Singapore, are aimed at significantly expanding operations in Asia, with specific focus on Fixed Income and derivative operations.
The recently announced acquisition of KBC’s global convertible bonds and Asian equity derivative business lines was also in line with this strategy.
Daiwa said the appointment of Insuk and Marwaha will be followed by further hires and is the first step in expanding operations in these markets.
Loading ...
