Macquarie staffs up in equity derivatives

A string of new hires in Hong Kong suggests that Macquarie Securities is strengthening its equity derivatives business. The Australia-based bank has hired six equity derivatives specialists from rivals in Hong Kong recently, including Ted Tsao from Royal Bank of Scotland, who will move to New York to head global institutional sales.

Tsao held a similar role at RBS in Hong Kong, though only started there last October. Before that he was Asia head of institutional marketing in Citi's equity derivatives team, until the height of the market slowdown in early 2008. The appointment of Tsao and five other bankers comes just three months after Macquarie Securities hired a new global head, Todd...