Deutsche Bank, the largest investment bank in Germany, is moving its global head of equity trading, Noreddine Sebti, to Hong Kong from New York as business in the region is expected to grow despite a potential economic recession in the United States.
'Locating a global business head in Asia clearly demonstrates the changing polarity of global equity markets and the growing importance of the region for clients and our business globally,' said Yassine Bouhara, the global head of equities at Deutsche Bank.
Mr Sebti will also replace Colin Fan, who headed Asia equity trading. Mr Fan is moving to London to co-head the bank's global credit trading business.
The bank did not say whether it would increase trading staff in Hong Kong.
Hedge funds, pension funds and private equity funds have been increasingly looking to the high economic growth of Asia to increase their investment returns.
Still, the move to Hong Kong of such a senior banker raised eyebrows among some market observers.
'There might be genuine business reasons but is it going to change Deutsche's long-term earnings capacity? Possibly but then possibly not,' said David Williams, an analyst at Fox-Pitt Kelton.
