Crosby has announced that Simon Fry is to become its new CEO. He will be based in London and will oversee the firm's non-Asian expansion.
For those in Asia not aware of Fry, he is something of a legend in London investment banking circles. While at CSFB and Nomura in the 1990s he and his team ran a series of proprietary investment portfolios. He is credited with being one of the first to see that convertible bonds were inherently mis-priced, with investors getting little value out of the equity option embedded in the instrument. He created the asset swap and relative value trading systems to which nearly everyone in the market now...
