Deutsche Bank's APAC credit traders are thriving after some heavy hiring
It's a fine year to be a credit trader. It's an even finer year to be a credit trader at Deutsche Bank. But it's perhaps the finest year to be a credit trader at Deutsche Bank in Singapore or Hong Kong.
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Within fixed income currencies and commodities trading, market intelligence firm Tricumen says credit traders have experienced the highest growth in revenues per head so far in 2024. And within credit trading, Tricumen says Deutsche Bank's credit traders have done particularly well. Unlike Deutsche's M&A bankers, its credit traders also have better than average revenues per head compared to rival banks.
When it announced its third quarter results, Deutsche said its credit trading revenues were "significantly higher" by virtue of "strength in distressed and continued growth in the flow business, reflecting investments in prior periods."
Much of that investment occurred in Asia, where Chetan Shah, head of Deutsche's financing and credit trading group, is based. The build is thought to have begun with Zhirong Chen as head of APAC flow credit trading from ANZ in 2021. In our estimation, at least 20 new people have arrived in the APAC credit business since then, spread across sales, trading and research.
Deutsche Bank declined to comment on its Asian credit build, but by our reckoning, the bank's new APAC hires include the following people in credit trading:
Alissa Ren, the head of investment grade flow trading, who joined from ANZ in 2021, based in Singapore.
Ho Keun Kang, a director in high yield/distressed credit trading who joined from SC Lowry in 2023, based in Hong Kong.
Antonio Gomez, a director in Asia flow credit trading who joined from CLSA in September 2024, based in Hong Kong. Focused on sovereigns.
Sandeep Sagoo, a former Morgan Stanley credit trader who joined in October, based in Hong Kong. Focused on CDS.
Puneet Shah, the head of APAC credit repo trading, who joined from Barclays in September 2023.
Jagadish Boppana, a structured credit and repo trader who joined from Credit Suisse last year.
Plus the following people in credit research:
Owen Gallimore, the head of APAC credit analysis who joined in late 2021, also from ANZ. Based in Singapore.
Kaveh Namazie, a credit strategist who joined in Singapore from ANZ in September 2023.
Clare Guo, a former Nomura credit desk analyst who joined in August 2024, based in Hong Kong.
The following people in credit sales:
Anne Zhang and Adrian Cheng in China. Cheng at least is thought to have come from ANZ.
Bryan Tan, the head of 'public side' APAC credit sales, who joined from BNP in 2023. Based in Hong Kong.
Dev Badigar, joined from Mizuho in 2023, based in Singapore.
Gelina Goh, joined from BNP Paribas in 2023, based in Singapore.
Odis Kim, joined from RBC in January 2024. A VP based in Singapore.
Youssef Abawi, head of Australian credit sales, based in Sydney. Joined in 2023.
Junsuke Fukuda, based in Japan.
And the following people in distressed credit:
Patrick Donovan, who joined from Barclays in October 2024, Hong Kong.
Dillon Hunter, who joined from HSBC in August 2024
Robert Klein, who joined in July 2023
All these new recruits seem to have had the desired effect. It's understood that Deutsche Bank's APAC credit trading revenues have tripled since 2021, and may reach as much as $100m this year.
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