An ex-Nomura trader has started a hedge fund focused on emerging-market corporate bonds at a money manager backed by Tencent Holdings Ltd.
Bloomberg News reports that Desmond How, who headed a proprietary trading desk covering credit products at Nomura, launched the long-short fund on Monday at GaoTeng Global Asset Management Ltd. How joined GaoTeng, the Hong Kong-based investment firm set up by Tencent and Hillhouse Capital Management Ltd., in 2017 as head of fixed income.
In the meantime, Reuters reports that the return of investment banker Andrea Orcel to UBS is not a “realistic option”, UBS’s CEO Sergio Ermotti told the news agency on Thursday.
Santander announced last year that it would appoint Orcel, at the time UBS’s investment banking chief, as CEO but this month said the appointment would no longer happen because of a complication over Orcel’s deferred pay.
“It is not a realistic option for all the stakeholders involved,” Ermotti said in an interview at the World Economic Forum when asked if Orcel would return to UBS.
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