RBS hires Ted Tsao to head institutional equity derivatives sales

Royal Bank of Scotland has hired Ted Tsao to fill a new position as head of institutional equity derivatives sales. Tsao was previously the regional head of institutional marketing in Citi's equity derivatives team, but lost his job at the height of the crisis last year. He was replaced at Citi by Steven Choe, who was promoted from within the equity derivatives team.

RBS has concentrated on building its retail derivatives business in Asia during the past few years, but is now making a push into the institutional market. This is a strategic hire as RBS continues to grow its market share in institutional equity derivatives products in the region, said Peter Irvine, head of...