Standard Chartered has hired Credit Suisse's head of fixed income sales as markets buildout continues
Standard Chartered has been making some senior hires as it continues the build out of its markets business under Roberto Hoornweg, the former Brevan Howard partner who joined at the beginning of this year.
The latest hire is Savady Yem, the former head of fixed income sales for Asia at Credit Suisse. He has just joined Standard Chartered as global head of private credit sales in Singapore. Meanwhile, Ian Krassek, the head of Asia credit sales at J.P. Morgan in Hong Kong, has also been hired by Standard Chartered as head of flow credit sales for Asia.
Yem has held various senior roles at Credit Suisse during his 16 years working at the bank, including head of structured derivative sales for EMEA in London and head of France and Benelux fixed income derivative sales. He joined Credit Suisse in 2001 after 12 years at J.P. Morgan in London. Krassek, meanwhile, spent nine years at Citigroup in both London and Hong Kong in credit sales roles before joining J.P. Morgan as a managing director in 2007.
Investment banks have begun hiring for their fixed income divisions again, with more recruitment now than at any point during the financial crisis, according to research by consultants Greenwich Associates. Credit sales and trading divisions have been a particular focus for growth, according to research firm Coalition, and Standard Chartered has unveiled a series of senior hires in recent months.
In May, the bank said that had hired 12 people in its credit trading division across London, Singapore, Hong Kong and New York, without specifying who the new recruits were. It also brought in Jens Andersen and Molly Duffy as co-heads, financial markets in the Americas in July and named Matthew Hastings as global head of commodities in August, based out of London. Lydon Hsu joined as global head of leveraged and structured solutions from HSBC in June.
Headhunters suggest that Standard Chartered’s markets business has been rejuvenated under Hoornweg, who joined in January with a mandate to expand – particularly within fixed income. He spent three years as a partner at Brevan Howard in London, but joined from UBS where he was global co-head of fixed income currencies and commodities (FICC).
Officially, Standard Chartered’s headquarters is the UK, but Hoornweg moved to Singapore to lead its markets business and global heads of functions on the trading floor are usually based out of the city state.
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