Lowy exits Deutsche Bank

Michel Lowy's departure from Deutsche Bank last week was friendly, say sources. Despite attractive inducements to stay at the bank's newly merged distressed debt and credit department, Lowy was keen to launch out independently, and he is likely to reappear running his own business in the second half of the year.

Lowy announced his resignation as head of distressed debt trading in Asia on March 23, following the apparent retirement of the global and European chiefs, Martin Dent and Julian Nichols. Their exits prompted Deutsche to put the global distressed debt and credit teams under one roof, led by London-based Colin Fan.

Lowy has more than 15 years experience in distressed debt, and has spent 10 of those years working with former Deutsche managing director Soo Cheon Lee, who left the bank at the same time.

So it would be surprising if Hong Kong-based Lowy was to give up on a sector of the financial markets when analysts are suggesting it could be worth around $100 billion over the next few years. There are clear opportunities opening up in Australia and Japan in particular -- two countries where bankruptcy laws are well established.