Ormaechea and Singh take over Deutsche Asia IB
Deutsche Bank has appointed Michael Ormaechea and Bhupinder Singh as co-heads of corporate banking and securities (CB&S), Asia Pacific, according to an internal memo seen by EuroWeek Asia, Asiamoney PLUS’ sister publication.
Previously Ormaechea held the position of head of fixed income, currencies and commodities (FICC) and equities, Asia Pacific and head of CB&S Australia and New Zealand, while Singh was head of corporate finance and structuring, Asia Pacific.
They were promoted to these jobs in June 2012 following the appointment of co-CEOs for Asia-Pacific Gunit Chadha and Alan Cloete last year.
Singh joined Deutsche in 2000 and has held senior positions across the bank’s corporate coverage, investment banking, capital markets, structuring, advisory and treasury solutions businesses based out of Mumbai, London and Singapore.
Ormaechea has been with Deutsche since 1995 and has over 25 years banking experience encompassing sales, trading and risk management across all major asset classes. A spokesperson from Deutsche Bank confirmed the contents of the memo.
Wylie departs from RBS
Guy Wylie, head of primary markets for Asia Pacific at RBS, has announced plans to leave the banking industry for personal reasons, according to a spokesperson for the bank. He will remain at the bank for two months in order to ensure a smooth handover.
His role will be taken on by Pierre Ferland, head of markets for Asia Pacific, until a replacement is found. The bank will be considering both internal and external candidates.
Wylie re-joined RBS in January of this year, in the newly created role of head of primary markets. He joined from UBS where he worked for five years, most recently as head of DCM for Asia, until his departure in June last year. He joined UBS from RBS in London, where he had been working on the loans team since 2005.
Williams to lead HSBC’s new capital financing group
HSBC’s Stephen Williams has been promoted to a new role of head of capital financing Asia Pacific as the bank finalises the reorganisation of its global banking and markets (GBM) division.
Previously head of debt capital markets for Asia Pacific, Williams will lead the new primary capital markets group which encompasses debt and equity capital markets, leveraged finance and M&A execution among others. He remains based in Hong Kong.
For now, Alexi Chan will remain head of DCM origination for Asia but as Williams’ de facto number two it is thought he may be promoted into the top job. As part of the changes, the bank has also promoted Justin Chan and Monish Tahilramani as co-heads of markets from their roles as deputies of this division.
Borch appointed COO for Citi
Michael Borch has become a new chief operating officer (COO) for Citi’s corporate and investment banking (CIB) group in Asia Pacific as Chris Laskowski steps down to focus on his client facing roles, according to an internal memo.
Laskowski has been COO for CIB since 2010, a job he has held alongside his positions as head of Asia Pacific financial entrepreneurs, which looks after private equity, and head of CIB for Hong Kong. He will now focus on the latter two roles.
As well taking over as COO, Borch will retain his responsibilities as head of Asia Pacific industrials but as a result there are some management changes in the greater industrials group.
David Biller and Jason Wortendyke will jointly lead diversified industrials, while Jason Johnson will be responsible for metals and mining and in partnership with Philip Graham will manage energy. Anup Mysoor will remain responsible for aviation and power coverage.
Laskowski returned to Asia in 2010 initially to lead alternative assets division and to become the CIB COO. He previously worked for the US bank in Asia between 1999 and 2008 and founded Citi’s financial sponsor business in the region in 2005 before returning to Chicago.
SC hires Nichols from Nomura
Standard Chartered has appointed David Nichols as head of cash equity sales, Hong Kong. Based in Hong Kong, Nichols reports to Tim Andrew, global head of cash equities. In this newly created role, he will be responsible for expanding the bank’s cash equities initiatives.
He joins from Nomura where he was global co-head of equity sales for Asia Pacific and has also held senior positions at Lehman Brothers and Deutsche Bank.
The appointment comes as part of Standard Chartered's equity build out. The bank has recently appointed Min Park as global head of equity derivatives and convertible sales, Mike Garcia as head of Hong Kong equities sales trading and Jamie White as a director of equities sales trading.
Collins joins BNY Mellon as investment MD
Richard Collins has joined BNY Mellon has a managing director in its Asia Pacific investment management business. He will be based in Hong Kong, reporting to Jane Caire, head of strategy and corporate development for BNY Mellon’s Asia Pacific investment management business.
Collins’ role is a new one, and he will work alongside Caire, focusing on designing insurance and pension services for Asian investors. He joins the firm from MetLife where he was originally based in Sydney, before moving to Hong Kong in 2007. Before MetLife, he worked in Australia with Citigroup Australia and Zurich Financial Services.
MAS shuffles senior management
The Monetary Authority of Singapore has announced 11 changes to its senior management and, with the exception of one, are all due to take effect on September 1.
Most notably, Teo Swee Lian will relinquish her role as head of financial supervision and act as a special adviser in the managing director’s office. She will help the MAS in international regulatory work and joins Sung Cheng Chih, who started in his new role in July, as part of the special advisory team.
Sung, a former chief risk officer of the Government of Singapore Investment Corporation from 1993 to 2011, will provide advice on investment governance and risk management.
Taking over from Teo will be Ong Chong Tee, who will be switching from his current role as head of monetary policy and investment, and head of corporate development. He will be replaced by Jacqueline Loh and Andrew Khoo. The former will be in charge of monetary policy and investment, while the latter will take control of corporate development.
In addition, Foo-Yap Siew Hong will leave her role as head of currency, corporate services and human resources and lead special projects in the managing director’s office. Her role will be taken over by Ng Nam Sin, the current head of development and international.
Stepping up to replace Ng is Leong Sing Chiong, while Chia Der Jiun and Wong Nai Seng will take charge of markets and investment, and policy, risk and surveillance respectively.
Lastly, MAS has also appointed Edward Robinson as chief economist. In his new position, he will deputise for managing director Ravi Menon in economic forums both domestically and internationally.
BlackRock appoints Hardy as Singapore head
BlackRock has appointed Kevin Hardy as the new country head of Singapore. He will also continue in his current role as head of beta strategies for Asia Pacific.
He takes over from Alasdair Riach, who will remain with the firm as head of institutional client business for Singapore and Southeast Asia.
Before joining BlackRock in 2012, Hardy spent nine years at Northern Trust. Prior to that, he was with State Street Global Advisors and Legal and General Investment Management.
Ashurst hires Asia M&A partner in HK
John Kim has joined Ashurst as a partner in its Hong Kong office, with a focus on advising Korean clients on outbound M&A and other cross-border corporate transactions. He joins the firm from Yulchon, where he was head of the outbound practice group.
He has experience in a number of sectors including financial services, healthcare, energy, telecommunications, retail, industrial and automotive. Before joining Yulchon, he worked for Kim & Chang in Korea. He started his career in the New York office of Cravath, Swaine & Moore.