As the new year kicks off, we look back at the most relevant people moves stories in 2023 highlighting new hires and exits at the main issuers of structured products across markets.

Departures

The start of 2023 witnessed spectacular banking turmoil with the second-largest bank in Switzerland Credit Suisse (CS) shocking global markets and prompting a crisis of confidence.

A flurry of CS senior executives chose to walk away in the process of its rival UBS’s takeover. In February, Clement Florentin (right) left the Swiss bank after 15 years of service most recently as managing director, head of equity derivatives (EQD) and investment solutions structuring for Asia ex-Japan as well as co-global head of QIS distribution structuring. He joined Nomura as head of equity structuring Asia ex-Japan and head of QIS structuring for Apac in late May.

In March, Bogdan Ianev (below right), former head of EQD structuring for Americas at CS, headed to Mizuho Americas based in New York after a 16-year career with the Swiss bank. At the Japanese bank, he serves as managing director, head of structuring, EQD and reports to Arunesh Hari, head of EQD at Mizuho Americas. Ianev was affiliated with Credit Suisse Securities (USA) from 2007 to 2023 based on the Financial Industry Regulatory Authority’s record.

Chirag Doshi and Abhishek Modi, formerly with CS Securities' (India) portfolio management team, joined LGT Wealth India in Mumbai in June to lead its fixed income solutions.

Also, the same month, Ken Pang left CS with his last role being global co-head of investment bank and global co-head of markets in addition to global co-head of global trading solutions (GTS) and head of Apac markets. Pang joined CS as Apac co-head of EQD and convertibles in 2009 along with Min Park, the current Apac head of markets.

Eleanor Lam quit the Swiss bank in June to join Deutsche Bank as managing director and market head for South-East Asia (SEA) in the International Private Bank (IPB). With over 24 years of industry experience, Lam was most recently CS’ senior client partner in the Singaporean market. Prior to that, she spent nine years at UBS.

In July, seasoned sales Tomoyuki Sasai (right), CS’ Japan head of solutions and sales quit, joining the wave of departures at the investment banking division. Sasai, who has over 25 years of experience in equity derivatives marketing, sales and structuring, joined CS as director, Japan equity structured products marketing in October 2009.

Previously, he worked at Deutsche Bank for over seven years, where his last position was director of equity and fund derivatives structuring. He also served in equity derivative sales at J.P. Morgan and Lehman Brothers for a combined four years starting from 1998. In October 2023, he joined Société Générale Securities Japan as managing director, head of global markets sales in Japan along with two former CS bankers – Ryosuke Ishizawa who serves as head of distribution cross assets solutions and head of financial institution cross assets solutions, global markets in Japan and Yuichi Shida who work in the regional banks sales team, global markets in Japan.

Roberto Rosas (right), who was with CS’ equity derivatives and investor product sales team in New York, joined Barclays as director, head of structured product sales for Latin America in July. Joined CS in September 2018, he was promoted to director from vice president in December 2021. Prior to that, he was an associate, multi-asset structured products and derivatives sales for Latam at Citi.

Also in July, Mandy Xu left CS after 13 years with CS with her last role as managing director, head of equity derivatives strategy at CS based in New York, specialising in index and ETF volatility research. She joined US derivatives and securities exchange Cboe Global Markets as vice president, head of derivatives market Intelligence, also based in New York.

In September, Charles Firth left CS with his last role as managing director, head of solution sales, Southeast Asia based in Singapore after 12 years at the bank. He relocated from Hong Kong SAR in January 2022 after re-joining the Swiss bank from Rafiki Capital Management in November 2018.

In November, Jérôme Brochard, who served as CS’ former managing director, global head of institutional QIS structuring for over four years based in London, joined Nomura. In his new role, he works as managing director, global head of QIS structuring and EMEA head of quantitative investment strategies (QIS) distribution. Prior to CS, Brochard served as the founder and co-chief investment officer at AXA Investment Managers Chorus.

In the coming February, Rickie Chan (right), head of global wealth management for Greater China at CS, is set to join Bank of Singapore, the private banking arm of OCBC Bank, as head of private banking, Greater China, Hong Kong branch. Chan has worked for the Swiss bank since February 2014. Prior to that, he was registered with Barclays Bank for one year, according to the Hong Kong Monetary Authority.

CS-UBS mergers

In July, CS appointed a group of bankers with 15 representatives aimed to be responsible for spearheading the integration of CS’ markets unit to UBS.

The new CS management committee is chaired by Michael Ebert (below right), head of investment bank, with members including Min Park for Apac sales, Kristian Ceko for Switzerland sales, Luca Lodi-Rizzini for Europe, Middle East and Africa (Emea) sales, Elaine Sam for Americas sales, and Robert Sowler for flow and corporate equity derivatives.

Structured equity derivatives will fall under Hippolyte Agkpo with Shane O’Cuinn taking responsibility for macro products, Alexandre Barcinski for credit solutions and local markets, David Bleustein for securities research, and Neil Nosie for cash equities. There are five other executives who will remain on the committee.

Olivier Charhon remains as chief operating officer (COO) for markets, while George Hong continues to be head of platform and quantitative strategies. Joy Lee and Chris Horne will retain their roles as chief financial officer (CFO) for markets and CEO for CS International, respectively, while Julie Wan assumed the newly-created role of markets chief of staff. The markets business will continue to operate within the current CS legal entities.

The investment bank management committee also consists of Marc Warm for investment banking & capital markets (IBCM) Americas; Michael Furber for IBCM Emea; Kuan-Ern Tan for IBCM Apac; Min Park for markets Apac; Olivier Charhon for IB COO, markets; Amy Clack for IB COO, IBCM; and Onu Odim for IB business risk management.  

There were eight additional corporate function partners in the investment bank management committee including Tony Bullman, IB CFO; David Krauss, IB chief risk officer; Maura Miller and Patricia Sindel, IB co-chief compliance officers; Simon Croxford, general counsel for the combined IB businesses; as well as executives covering IB human sources, IB data & technology and IB corporate communications.

Main image: Bluraz/Adobe Stock.