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Credit Suisse Hires From Deutsche Bank for New Asia Quant Team

Credit Suisse Hires From Deutsche Bank for New Asia Quant Team

(Bloomberg) -- Credit Suisse Group AG has created a new team in Asia focused on quantitative and systematic strategies, bolstering efforts to boost business with hedge funds and private-banking clients in the region.

The team will be led by Will Stephens, who joins from Deutsche Bank AG, where he was head of delta-one strategy and head of regional equity strategy, according to an emailed statement Wednesday. He will become Credit Suisse’s head of quantitative and systematic strategy, Asia Pacific.

The Hong Kong-based team will be tasked with generating investment ideas, particularly for structured products, the statement said.

Credit Suisse has hired a handful of former Deutsche Bank employees in recent weeks. Michelle Lim, the ex co-head of Asia prime brokerage sales at Deutsche Bank, has joined the Swiss lender to lead China prime sales and business development, while Henry Lam has joined as a director of China prime sales.

Credit Suisse is the third-largest prime broker in Asia, trailing Morgan Stanley and Goldman Sachs Group Inc., according to an annual survey by trade journal AsiaHedge in May. Deutsche Bank was ranked fifth by estimated amount of hedge-fund assets.

The German lender used to be one of the world’s most powerful providers of services to hedge funds, lending securities and cash as well as settling trades. It struck a deal in September to gradually transfer the division to BNP Paribas SA after struggling to retain clients in recent years and amid broader financial turmoil.

Stephens will be joined by Elita Lai and Dave Yin, who have taken on the roles of equity quantitative strategist and quantitative analyst, respectively, according to Wednesday’s statement.

Credit Suisse’s equity research franchise in Asia Pacific covers more than 1,400 stocks, according to the firm. The bank manages around 222 billion Swiss francs ($229 billion) of private banking assets in the region.

To contact the reporter on this story: Ishika Mookerjee in Singapore at imookerjee@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Katrina Nicholas

©2020 Bloomberg L.P.