Canadian bank CIBC has strengthened its fixed-income, currencies and distribution (FICD) team in Asia and relocated the base for the team to Hong Kong from Singapore. The move was effective yesterday. CIBC has also enhanced distribution focus in Tokyo.
The decision follows a review of opportunities to strengthen client relationships and grow the FICD business in Asia, said CIBC in a written statement. The Canadian bank added that locating the new trading and sales office in Hong Kong positions the bank well to win new business in Greater China and North Asia, while continuing to service its clients across the region.
CIBC has also added strength to the team, hiring Joe Cortese and Patrick Bei as executive directors in the financial solutions group to focus on foreign exchange sales. Cortese was last with RBC Dominion Securities and has worked with RBC across roles in Toronto, London, Singapore and Sydney. Bei joins from the Hong Kong office of Germany's DZ Bank and has also worked with Dresdner Bank.
Simultaneously, CIBC announced that it has transferred Peter Shepherd to Hong Kong from Singapore. Shepherd will also be an executive director in the financial solutions group, with a focus on fixed-income trading and sales. Finally, Manabu Nakagawa, who is also an executive director in the same group, will assist with the transition of the foreign exchange trading book to Hong Kong and will then return to Tokyo to focus on foreign exchange sales and help to enhance CIBC's Asia distribution capabilities.
Cortese, Bei, Shepherd and Nakagawa all report to Andre LaJeunesse who is a managing director and head of FICD for Asia. LaJeunesse joined CIBC earlier this year from the Australia and New Zealand Banking Group (ANZ). The announcement about the moves came from LaJeunesse and Harry Culham, who heads FICD globally.
CIBC's FICD team in Asia, across Hong Kong and Tokyo, is 12-strong currently, with the intent to grow it substantially, said sources. Globally, CIBC's markets business encompasses FICD, global derivatives, equities and other products. The intent in Asia is to establish a strong platform in FICD initially and then grow the business to include other products.
