SG, the investment banking arm of Societe Generale, has promoted Odd Haavik this week to head the fixed income and treasury products sales team in Singapore. The appointment came after Dennis Seah, formerly head of fixed income sales, and two of his subordinates left last week as a result of a "restructuring" of the company. Haavik was a director for derivatives and treasury sales before the promotion. Two of Haavik's staff also left.
Now in charge of the sales work of fixed income, derivatives, foreign exchange and treasury products for the markets of Singapore, Malaysia and Indonesia, Haavik says the vacated positions will be replaced.
"Challenges ahead? Basically just go out there and establish a name to develop credibility. We have had a bit of negative press. A lot of people left. But now we're going back in there and it shows that we're committed to the region," he says. "We still have a lot of talents here. If we can deploy these people properly then everyone can contribute and add a lot more benefits to the business."
In the past, one client with different investment portfolios might be served by a number of SG staff members. Now, one staff member will look after all the investment portfolios of the same client except equities. "It's more efficient use of people's time," Haavik says.
Haavik will report to Jackson Cheung, SG debt business chief, in Hong Kong.
In announcing the appointment, Cheung says with Haavik on board, the company's debt market business will be further enhanced.