Wachovia Securities hired Glen McDermott as a managing director and head of structured credit product distribution for Asia-Pacific. McDermott will work to increase multiple distribution channels as well sales of SCP products into Asia-Pacific, including Australia and Japan. Based in Hong Kong, he will report to Yu-Ming Wang, Wachovia's managing director and head of fixed income, Asia. Previously, McDermott was a salesperson in the structured credit sales group at Citigroup Global Markets, selling credit derivatives and CDOs, as well as a research analyst and global head of CDO research and strategy. Prior to Citigroup, McDermott worked for six years at Standard & Poor's as a structured finance analyst.
Deutsche Bank hired Michael Leung to head ABS trading for Asia excluding Japan. Based in Singapore, he reports to Greg Park, head of securitization for Asia excluding Japan, Chetankumar Shah, head of credit trading, CDOs and credit structuring for Asia, and Hyung Peak, managing director of RMBS in New York. Leung was formerly at UBS, where he was executive director in the fixed-income division.