RBC Capital Markets has lost its head of Asian credit and convertible strategies. Steven Ng, a Hong Kong-based managing director within the bank’s proprietary trading group, left in November.
He confirmed his departure to eFinancialCareers but did not reveal the name of his next employer. Ng was a RBC veteran, having joined in August 2007.
As a rule in the current job market, senior people leaving prop trading teams at banks in Hong Kong tend to set up or join hedge funds, says Matthew Hoyle, a former options trader who now runs Hong Kong headhunters Matthew Hoyle Financial Markets.
“But that depends firstly on whether they were doing outright prop or not; and secondly on whether they were any good at it,” he adds. “Making money without any client franchise – flow or even insights – isn’t easy.”
Regulatory reforms in the US could potentially open up more prop trading jobs at American banks in Asia in the future.
“I think banks in Hong Kong will hire more prop guys again if Trump shelves Dodd-Frank,” says Hoyle. “But right now there’s a big oversupply of prop traders due to many of them leaving the banks, and the hedge funds only wanting to hire the very best. So there are a lots sitting at home trading their personal assets.”
Ng’s own 21-year trading career is notable for several moves between large and boutique institutions on the sell and buy-sides.
After graduating from Toronto’s Schulich School of Business in 1995 he spent almost five years as a fixed income trader at Scotiabank in the city, according to his online public profile.
In 2001 Ng moved to Hong Kong (he’s been based there ever since) for a 20-month stint as a derivatives trader at KBC Financial Products. He then went back to a bank – joining Morgan Stanley in the same role.
He left MS in 2005 to cofound multi-strategy hedge fund Innofusion Capital Management, where he worked as a portfolio manager until departing for RBC two years later.
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