Credit Suisse’s former head of APAC prime services flow trading and distribution has re-emerged at Societie Generale in Hong Kong. Dereke Seeto, who left Credit Suisse back in December, moved to SocGen in Hong Kong earlier this month as head of securities finance and delta one sales for Asia Pacific.
He works closely with SocGen’s prime services, equities and derivatives team, says a spokesperson for the bank.
Seeto first joined Credit Suisse in 2000 in his native Australia, where he specialised in equity finance, delta one, listed derivatives clearing and trading, and prime brokerage.
He became head of prime services for Australia before relocating to Hong Kong in 2011 to take charge of flow financing – such as stock loans, swaps and synthetic products to hedge funds – across Asia Pacific. From 2012 to 2016 he was also an equities representative on Credit Suisse’s Singapore board of directors, according to his profile.
Seeto is not the only senior employee to have left Credit Suisse in Asia recently. The Swiss bank reportedly axed at least half a dozen equities jobs in March, including Matt Pecot, head of prime services for Asia Pacific and Seeto’s former boss, and Jamie White, a sales-trading director in Hong Kong.
In contrast to its expanding wealth management business, Credit Suisse’s markets unit has been underperforming in Asia.
Net regional revenues in markets were down 37% year-on-year in the second quarter, due to lower equity and fixed income sales and trading revenues.
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