RBC Capital Markets grows its Asia fixed-income and currency team

RBC Capital Markets continues its expansion in Asia with the hiring of Mike Bass as head of fixed income and currencies for Asia (non-Japan) and Mark Otis Zownir as head of US dollar rates trading, Asia. Both hires will become managing directors and will be based in the firm's Hong Kong office.

RBC Capital Markets is the corporate and investment banking arm of Canada's largest bank, Royal Bank of Canada.

Commenting on why these new roles were created, the firm's co-head of fixed income and currencies (FIC) as well as regional head of global markets, Harry Samuel, noted that an overall head of FIC Asia (non-Japan) recognises the importance the bank is giving to its Hong Kong dealing platform and its growth and future business prospects in the region.

"We have previously operated with a head of FIC Japan and head of FIC Australia, but we did not have a sufficient critical level of business or client contacts to justify such a senior-level appointment [in Hong Kong]. We certainly do now and hence the new post," he said.

"Mark Zownir's position is required as we are now a US primary dealer and are dedicated to supporting our extensive existing and new client relationships in Asia with dedicated on-the-ground trading leadership, rather than operate a 'satellite' sales-only office."

RBC's other co-head of FIC, New York-based Jonathan Hunter, added that Hong Kong is the firm's main trading hub for its US primary dealership in Asia and now also its principal platform for emerging markets sales and trading.

Bass's last position at a major bank was with Standard Chartered Bank where he was most recently head of commodities in Singapore. Bass left Standard Chartered in May 2008 and since then he has been managing a private investment portfolio. He has more than 20 years of experience within fixed income and currencies and has previously also worked at HVB and Rabobank in Asia. He joined RBC on November 1.

Zownir joined on October 21 from Citi in Tokyo where he was head of yen rates trading. He has 15 years of experience within rates trading and has previously worked in SSA trading at Citi's offices in New York and London.

Samuel noted that Asia offers "tremendous" growth opportunities as the bank moves into the next phase of its global expansion. Indeed, the firm has been expanding its presence in the region in the past six months. In September it hired Stefanie Holtze, who has a background within FX at J.P. Morgan Chase in Frankfurt and at RBC in London, as a director in foreign exchange sales based in Hong Kong. And, in July, it hired Minako Endo from Merrill Lynch in Japan as a director and head of institutional fixed-income sales in its Tokyo office and Chris Tam from Merrill Lynch as a director in its FIC sales team in Hong Kong.

RBC has hired more than 320 people across its global capital markets operations in the past 12 months.