Markit Group Limited (Markit), the leading industry source for independent asset valuation data used by global financial institutions for price verification and risk management, today announced the opening of an office in Singapore.
Markit's Singapore office is to be run by David Crammond who will be responsible for business development in Asia Pacific ex-Japan. The Singapore office opening comes hot on the heels of Markit's Tokyo office opening in May this year, and completes the firm's coverage of the Asia Pacific region.
Crammond will spearhead sales, to add contributors and subscribers to the Markit pricing and valuations services. Services include pricing for corporate bonds, syndicated loans and OTC derivatives, as well as dividend forecasting and index and ETF management.
Crammond joins Markit from ABN AMRO, where he was Head of Structured Asset Sales for the Asian region. He helped build their Asian business, and is credited with transforming the bank into a significant presence in the Asian derivatives markets. Prior to this post, Crammond spent two years in ABN AMRO's New York office where he ran Structured Credit Sales.
Crammond commented: "Over the last few years, Asia has seen a dramatic increase in product complexity. The number of market participants in the multi-asset class structured products arena is also growing fast, while the regulatory and accounting environment is becoming increasingly stringent. There is consequently a strong need for verifiable and accurate asset valuations and I am excited to be promoting Markit's product offering to market participants in the region."
Lance Uggla, Chief Executive Officer of Markit, said: "David is a well respected figure in the derivatives markets and we are delighted that he will be driving Markit's business forward in Asia Pacific ex-Japan. I have no doubt he will help seal our reputation as the leading provider of asset valuations across all asset classes, globally."