Darin Spilman has joined Royal Bank of Scotland in Tokyo, where he has been appointed managing director of international yen sales. He was formerly on the marketing side of London-based hedge fund Northbay Investment Management where he had been a partner.

RBS has been rapidly building its derivatives and fixed-income manpower in Asia. In this newly created role he will handle rates sales for hedge funds and other institutional investors, focusing principally on Japanese yen and G8 interest rate products.

He will be reporting to Tom Picard, head of Asia-Pacific debt market sales, who joined RBS in 2004 following stints at Lehman Brothers in Singapore, Tokyo and New York. He and Spilman formerly worked together for several years at Lehman Brothers Tokyo in fixed-income sales.

"New York- and London-based hedge funds are rapidly expanding their footprint into Asian markets,ö says Spilman. ôThey are expressing their views on Japan's economic recovery and reflation through the fixed-income markets, primarily through yield-curve plays, volatility strategies and relative-value strategies involving swaps versus bonds and futures."

Concurrently in RBSÆ derivatives build-up, Garry Frenklah has also joined the firm in Hong Kong as head of Asia ex-Japan private-banking sales for equity derivatives and FX derivatives. Frenklah comes from Sumitomo Mitsui Banking Corporation, where he structured and marketed derivatives. In this new role he will report to Franklin Heng, head of equity-derivative sales. The pair previously worked together at the beginning of the decade at HSBC Securities in Hong Kong.