Standard Chartered is continuing its push into equities with the hire of Tom Welch from Deutsche Bank. The British bank has been building its cash equities business in Hong Kong since its acquisition of the Cazenove Asia business from J.P. Morgan Cazenove in January last year.
Welch, who resigned from Deutsche in April and will take on the role of global head of cash equities sales, is the third senior banker to defect from the German bank. Tim Andrew and David Murray, global head of cash equities and equities research, respectively, both joined in December last year.
"Tom's appointment reflects Standard Chartered's ability to attract senior talent and also the bank's commitment to rapidly expand the cash equities platform across our footprint in Asia, Africa and the Middle East," said Andrew.
Traditionally strong in Ficc (fixed income, currencies and commodities), Standard Chartered has used the crisis as an opportunity to win market share in equities from its weaker rivals. It has already hired a string of other equities specialists this year, including Craig McGee as head of Southeast Asian equities and head of sales trading (based in Singapore), Kim Yong Kook as head of cash equities in Korea, and Richard Stone as global head of cash equities sales trading.
Deutsche has already replaced Welch with Murray Wilson who transferred to Hong Kong from the bank's New York office.