Bank of America has hired Tony Kay, head of non-Japan Asia credit derivatives trading at UBS Warburg in Tokyo, to oversee credit derivatives trading for the region. "He's a top-notch guy," said one market official. Kay is reportedly receiving a two-year guarantee of USD2 million per annum. "This sets a whole new benchmark for the market," the official added. However, another official said, "They're paying over the top." Kay could not be reached for comment.
BofA has been restructuring its credit derivatives operation and plans to hire up to eight structurers and traders under Sal Amery, head of the structured products group in Tokyo (DW, 5/19). Kay is likely assuming the duties previously handled by Ralph Orciuoli, who joined Bear Stearns earlier this year (DW, 3/31). At BofA, Kay will report to Amery, who declined comment.
At UBS, Kay reported to Lee Knight, managing director of the fixed income division and Asia-Pacific head of credit derivatives trading in Tokyo. Knight did not return calls.
