Deutsche Bank AG is beefing up its Asia-Pacific equity derivatives unit, as it looks to capitalize on an expected rise in demand for quantitative strategies from local investors.
David Bruchet, formerly of Societe Generale SA, is to join the German bank in Hong Kong as an index equity derivatives trader at the end of next month, said James Boyle, head of equities and cohead of global equity derivatives, who joined from Citigroup Inc in July.
Bruchet becomes at least the sixth hire in the region under Boyle, who is putting in place his strategy to turn around Deutsche Bank’s fortunes in equity derivatives trading.
Deutsche Bank CEO John Cryan is seeking to boost stock trading operations while pulling back from other investment banking businesses that are grappling with new capital rules and the cost of settling legal problems.
The strategy has yet to pay off, as the equities unit has slumped this year and lags behind the Frankfurt, Germany-based firm’s rivals.
Deutsche Bank’s equities trading revenue fell 25 percent in the first nine months of this year, worse than the 14 percent collective drop among nine of the biggest global investment banks, according to data from Bloomberg Intelligence.
It ranked as low as sixth in Coalition Development Ltd’s rankings for Asia-Pacific equities last year, compared with first for fixed income.
The desks in Hong Kong and Singapore will trade around the world, Boyle said.
Global assets in quantitative strategy funds are on pace to grow from US$265 billion in 2014 to US$1.2 trillion in 2019, according to research from Citigroup.
Two smart beta funds — which look at factors such as low volatility or dividend payouts rather that market capitalization — started by Goldman Sachs Group Inc in September now manage more than US$1.1 billion.
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