Dresdner Kleinwort Benson has hired a small team of senior trading and sales dealers from the former Bankers Trust in Singapore. The hires represent a selective build-up of the operation, complementing the existing team, says Fred Dubignon, Dresdner’s head of FX sales in London.
David Wensley has been named as the new regional trading manager and Henry Yeong is the new head of FX sales in the city-state. Eddie Listorti joins as head of the spot desk and Vivian Ler joins as a forwards trader. According to sources, another senior trader, Gareth Taylor, formerly part of the Citi/Salomon Smith Barney team, will be joining the spot desk in September. However, Dubignon declines to comment.
“It has always been part of our strategy to develop Singapore as the hub for Asian liquidity and regional trading,” says Dubignon, “We had a great opportunity to get some very good people who fit with our strategy and existing team. We want to build a small, high-powered FX team.”
Dresdner’s Singapore team now numbers 17 in FX trading, sales and regional trading. Andreas Ruschkowsi is the regional head of FX.
Dresdner’s Singapore office is the liquidity hub for its spot and forward activities in the Far East, servicing global accounts and the Asian offices of European corporates. Dubignon says the bank is trying to build its regional currency business, and is currently looking at NDFs as well as some of the recovering currencies of the region, such as the Indonesian rupiah and Thai baht.
The bank also has a forex trading team in Sydney, which is geared mainly towards Aussie and kiwi trading for the Australian client base. In Tokyo, the operation is primarily a structured product effort, says Dubignon, focusing on currency options.