Credit Suisse's top Asian trader is no longer on the desk in Singapore
It's the end of an era at Credit Suisse in Singapore.
David Leung, the man who built Credit Suisse's Asian emerging markets trading business has moved away from the desk as UBS prepares to take a hatchet to the Credit Suisse fixed income trading operation.
UBS declined to comment for this article and Leung didn't respond to our messages, but sources say that Leung has now moved into a pure management position at the Credit Suisse entity in Singapore. His social media profile states that he's now the senior corporate officer at Credit Suisse Merchant Bank.
Leung joined Credit Suisse in 2007 and is a veteran of the emerging market trading business in Singapore.
"He was one most the prominent and professional traders in the Asian EM space," says one insider. "Leung traded across both North Asian and South East Asian markets. Credit Suisse was the top shop in the go-go years (2009-2018) and he was the main trader heading it up. He is probably the last of the big traders from that era who are still in the market."
In his new role, Leung - who remains very well respected internally at Credit Suisse, is expected to oversea the wind down of the bank for UBS.
"His moving up to the management role marks the end of the heyday of the Asia EM trading scene," says the insider.
Another senior emerging market trader in Asia said it's not just Credit Suisse that has been pulling back in Singapore. "The reduction largely lies within the European bank sector is primarily regulation driven," he says. "Banks have lower risk appetite in banks and hedge funds have taken all the talent."
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