In a sign that firms in the region are beefing up their fixed income research capabilities, there has been a raft of changes in the industry.

In the most recent move, Damien Wood has left ING, where he ran regional credit research in Hong Kong, to join CSFB. Wood will relocate with CSFB to Singapore where he will run a five-person team. He will take the title of head of credit research, but will continue to focus day-to-day on bank credit research as well as strategy.

Meanwhile, his former colleague at ING, Tony Watson, has joined Morgan Stanley where he will write high-yield credit research. Morgan Stanley is also reckoned to be on the prowl for a bank credit research analyst, as it seeks to upgrade its team.

Counter to the trend of fixed income research analysts leaving the region, Merrill Lynch has lured highly regarded Goldman analyst, Andrew Saiz from New York. Saiz, who also writes bank credit research, will be looking to rebuild the Merrill franchise after the firm virtually exited credit research 18 months ago.

Imogen Baker, meanwhile, has rejoined Barclays after a stint with HSBC in Singapore.

And with the departure of Wood, ING's team will be run by Tim Condon, whose previous responsibility was solely economics. Coincidentally Condon will also relocate to Singapore.