Three months after Ken Pang and Min Park quit UBS along with several colleagues, Credit Suisse has confirmed that the pair will be joining its ranks as co-heads of the bank's Asia-Pacific equity derivatives and convertibles team.
As at UBS, Pang will run the equity derivatives product platform with responsibility for trading, risk management and infrastructure development, while Park will head the sales force, with responsibility for sales, distribution and structuring. They will be based in Hong Kong and will report to Osama Abbasi, head of equities, Asia-Pacific. Credit Suisse has not confirmed it, but the other members of the team are rumoured to be part of the deal too.
The opportunity to hire the UBS team was something of a windfall for Credit Suisse -- some market participants say that UBS was not prepared to meet their pay demands -- but not so much for the bankers who will have to make way for them. Kurt Ersoy, head of equity derivatives marketing and a 14-year veteran of Credit Suisse in Hong Kong, has left the bank, ostensibly on a six-month sabbatical, and Adam Cowperthwaite, former head of retail structured products, left in April along with other members of the team.
Elsewhere in the Asia-Pacific region, Credit Suisse has expanded its wealth management team in India. Amit Khandelwal has joined the bank in Mumbai with responsibility for a new team of relationship managers. He joins from DSP Merrill Lynch where he was a director and financial adviser. He has experience in fixed income and equities.
Khandelwal reports to Puneet Matta, head of wealth management for India. Matta joined Credit Suisse in 2007 from Citi India, where he was responsible for the onshore private banking business.
Credit Suisse launched wealth management services onshore in India in 2008. Its clients include high-net-worth-individuals, entrepreneurs and family-owned businesses.
