Most firms tend to start with the basics and work their way up the sophistication curve. Or they sell research as a loss leader to highlight their investment banking capabilities. KBC Securities is taking the opposite tack in Japan by hiring two equity analysts and a salesperson to beef up its cash equities business.
KBC Securities is a specialist in convertibles, equity derivatives and structured products. Although not a straight equities house, KBC has become a major trader as an offshoot of its work putting together, say, a convertible bond arbitrage or an equities derivative product for a client.
Clients felt there was a place for us to pursue a different kind of cash equities...
