Neil Hounslow, Asia-Pacific head of flow financing, prime services at Credit Suisse, has resigned along with two unnamed members of his team, AsianInvestor can confirm.
Several sources close by say they are all going to work for JP Morgan, although a spokesperson for the US bank declined to comment, saying she hadn’t seen an internal memo.
This could be the long-awaited move that signals JP Morgan's advance into the Asian prime broking upper echelons in the form of a major hire.
Dereke Seeto is taking Hounslow’s job in an internal promotion. He was previously Australia head of prime services based in Sydney and is moving to Hong Kong.
Seeto will report regionally to Matt Pecot, Credit Suisse’s head of prime services for Asia-Pacific, and functionally to Rob Maloney, head of international flow financing, prime services for Emea, who is based in Credit Suisse’s London office.
Seeto has previously held senior roles in London and Sydney and has spent his entire career with Credit Suisse focused on the equity swaps and financing businesses.
An announcement about replacements for the other two departees is anticipated soon. Credit Suisse declined to name those who have left with Hounslow.
With Seeto Hong Kong-bound, the prime services business for Credit Suisse in Australia will now be jointly managed by Richard Wright, Graeme Anderson and Andrew Walker. They will each run their respective businesses, prime services trading, prime services coverage and listed derivatives, respectively, and will work collectively to manage the Aussie prime services team.
CS's Asia desk won last year's 'Best prime broker for securities lending' accolade in AsianInvestor's service providers awards. Credit Suisse has built a starrcade of prime broking talent in recent years, known to the street as the 'Galacticos'. This includes Pecot, Kevin Meehan, Vasundhara Pradeep and Rocco Paduano (though the latter left the firm earlier this year).