Hong will be responsible for offshore Korean fixed income and equity derivative sales, filling a role that was vacated last year when H.H. Choi was promoted to head of global markets and investment banking in Seoul, according to a Merrill insider. Hong, who starts next month, could not be reached.
Hong wanted to return to Asia for family reasons but had been unable to find a suitable role in the region with UBS and therefore opted to leave the firm, according to a UBS banker.
"He's well-respected," said one market official, noting that Hong built up UBS' Asian fixed income derivatives business before leaving the region to replicate the platform in Latin America and emerging Europe (DW, 2/4/02).
At Merrill Hong will report to Antony Hung, head of Asia Pacific debt markets and Choi in Seoul. Choi declined comment.