VTB Capital, the investment business of Russia’s VTB Group, has hired Daren Wong as its new head of Asia high-yield trading. He will be based in Hong Kong and reports functionally to Ugo Calcagnini, global head of credit trading, and regionally to Damian Chunilal, Asia chief executive for VTB Capital.
It is a newly created position and Wong’s hiring is part of the bank’s expansion plans for Asia. It is aiming to add further headcount in credit, according to a source, including hiring a new head of investment-grade credit trading. Eventually, it also plans to hire bankers to handle primary debt issuance in Asia, but has to “walk before it can run”, the source added. On the coverage side, VTB Capital also hired Roger Suyama as head of Indonesia corporate and investment coverage in August.
Before joining VTB Capital, Wong was the head of credit trading at Bank of China in Hong Kong. In the past, he was also responsible for Asia high-yield trading at Morgan Stanley and has previously also held positions in the Asian divisions of major international investment banks such as J.P. Morgan, Societe Generale and Barclays.
“We continue to expand our trading business throughout the world and are pleased with the designation of Daren Wong to VTB Capital’s credit trading team. I am confident that Wong’s expertise will significantly strengthen our credit trading position in the Asian markets,” said Calcagnini in a release.
“Daren Wong is one of the most experienced professionals in the Asia-Pacific region, and we are delighted that he has joined the VTB Capital team,” said Chunilal in the release. “I am confident that his appointment will strengthen our team and will contribute to expanding our range of services, further enhancing VTB Capital’s business in the Asian market.”
VTB Capital’s expansion in Asia contrasts sharply with the pullback seen from its Russia-based rival Renaissance Capital from the region. In late May, RenCap let go of its Asia head, Jeremy Sparrow, and a few weeks later the bank closed its entire Hong Kong office.