Wachovia has identified Asia as an area of significant potential. To this end, the firm recently hired Greg Donohugh, previously senior vice president of CDOs and structured credit at Lehman Brothers, as its managing director of fixed income in the region.
Although Wachovia has not been as visible as other international banks, its Asian franchise is by no means starting from zero.
"Wachovia currently has 16 representative offices in Asia with around 1000 employees," Donohugh said.
However, he admits that building up its business is a significant challenge.
Wachovia, which in April restructured its fixed income and equity divisions into a single global capital markets group, features prominently in league tables for CDOs, equipment finance deals, CMBS and other asset classes.
See next week's ASR (7/5/04) for full story.