Fortis Bank Hong Kong is reorganizing its derivatives effort following the resignation of Tony Au, head of capital markets in Hong Kong, two weeks ago. Philippe Dirckx, head of interest-rate derivatives in Hong Kong, has been promoted to head of fixed income and has assumed Au's responsibilities. "We're in the middle of a restructuring phase but next year our focus will be on credit derivatives products," said Dirckx.
Fortis will bring aboard a structurer and a salesman for credit derivatives, according to Dirckx. Currently Fortis' credit business is primarily credit-linked notes on U.S. and European names structured with coordination from the Brussels office. With the additional staff, Fortis will become more aggressive in offering these products, continued Dirckx. However an Asian credit derivatives trading desk is not planned.
Au could not be reached for comment and headhunters said he has yet to resurface. Dirckx declined comment on Au's resignation.
