Philip Tsao, Asia-Pacific regional co-head of debt capital markets and head of fixed income derivatives at UBS in Hong Kong, has left the firm and is joining a Taipei-based domestic bank as president in mid-April. Tsao, reached on his cell, declined comment. The bank in question could not be determined by press time.
Tsao had a high-profile stint at UBS, joining from Goldman Sachs (DW, 2/4/02) to ramp up fixed income sales in the region, particularly in Greater China. "He's highly-regarded," said a market official in Hong Kong, adding he did a good job building up the UBS effort.
Mark Panday, spokesman at UBS, said the bank is still ironing out the fixed income set-up and no decision has been made regarding a replacement.