Generous retention bonuses or not, senior rates traders are coming out of Credit Suisse. Following last week’s exits from Credit Suisse’s U.S. rates team, insiders say Credit Suisse has lost a senior rates trader in Asia.
Ron Choy, Credit Suisse’s head of Japanese rates trading, is said to have quit the bank for BlueCrest Capital Management. BlueCrest has an office in Hong Kong, but it’s not clear whether Choy – who was educated at MIT in the U.S. is planning to join in Asia or elsewhere.
Credit Suisse didn’t immediately respond to a request to comment on the move, although colleagues confirmed Choy’s exit. BlueCrest didn’t confirm the appointment.
Credit Suisse cut its London rates trading business heavily last year, but retained a presence in Asia and the U.S. After two years of disappointing bonuses, the Swiss bank has attempted to tie in traders with CHF1.5m ($1.5m) retention packages for top performers.
Choy’s exit suggests the retention strategy isn’t entirely successful. Headhunters said funds like Bluecrest are more willing to hire from banks in Asia than in London and New York. “It’s hard for them to find good guys in Asia,” said one, speaking off the record. “There are fewer hedge funds in Asia and the bench is a lot smaller. London and NY are much bigger hunting grounds.”