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Societe Generale overhauls derivatives management in Asia
[PARIS] Societe Generale SA announced a new line-up for derivatives trading in the Asia-Pacific region as part of a revamp of its global market activities.
The French bank appointed Timothee Bousser to head of equities and derivatives, a new position for the region, the company said in a statement Monday. Bousser was previously head of global equities flow for the region.
Guillaume Miquel, in charge of fixed-income and currencies from Hong Kong, will now also oversee flow as well as structured products.
Societe Generale is among European investment banks reshaping market activities to cope with tougher regulation and record-low interest rates.
Didier Valet, who runs Societe Generale's corporate and investment bank, assumed direct control of markets, according to an April internal memo obtained by Bloomberg. Christophe Mianne, who heads the unit "in tandem" with Valet, is now in charge of coverage, corporate banking and private banking while also overseeing the Asia-Pacific region.
Societe Generale is looking to expand positions in flow equity derivatives in regions such as Asia, the US and Germany, it said last year. The bank has set a target of 1 percent annual revenue growth in global markets through 2016.
Societe Generale's Asian market activities remain under the leadership of Frank Drouet, while Yann Garnier, the region's head of sales, becomes Drouet's deputy. Antoine Mascia becomes Societe Generale's head of trading for the Asia-Pacific region, while Jerome Niddam has been appointed head of engineering, the bank said.