Lured by rivals offering generous packages ,a number of the Merrill credit team is making for the exits, according to market sources.
Two members of the team, including George Sun, who headed the cash CDO (Collateralised Debt Obligations) structuring side of the Merrill CDO business, and Sun Do Kim, an associate, are reportedly heading to Bear Stearns. One VP level executive of the structured credit team is reportedly staying at Merrill.
Four CDO specialists have reportedly left the Singapore office, while two Korean credit sales specialist left a few days ago. In total, up to 15 people are said to be affected. The departure of just four people was made public recently by trade media.In total, Bear has reportedly taken four from the Merrill team.
Large US banks such as Wachovia, Bear Stearns and Lehman are reportedly hoovering up the talent. ôBanks which have not had a great exposure to the market have become increasingly aware of the importance of the Asian market and are setting up their own teams,ö says one banker.
Another recruiter says that Merrill has some terrific people, and has always been a leader in the space, making it a prime target for new entrants. ôMerrill also hired a lot of Alpha-type personalities triggering several turf wars. Rival banks have scented an opportunity and are closing in,ö says one source.
Sources close to Merrill say they are unfazed about the departures. ôOverall, the bankÆs fixed-income department has recruited more people than it has lost,ö comments one source, quoting a figure of 22 recent hires. Indeed, Merrill announced that it hired four debt capital market specialists from Credit Suisse early on Wednesday.
The bank would not comment on the moves.
¬ Haymarket Media Limited. All rights reserved.
