UBS in major Asia FICC cuts
Giulio Corrado, managing director of credit structuring, Eric Fung executive director of Hong Kong real money sales and Terence Ho, executive director and macro trader are among those that left the bank on October 30, as first reported by Asiamoney PLUS.
Corrado had worked at UBS for just over two years. Before this he worked at Credit Suisse in structured credit, and also for Dresdner Kleinwort, BNP Paribas and Lehman Brothers. Fung had been with UBS since 2009 in his current role. Before this he worked at Merrill Lynch in FICC hedge fund sales with a focus on credit, as well as at Deutsche Bank and Fubon Commercial Bank.
Further casualties confirmed at the bank last week include Sean Pepper, executive director (ED) in FICC structuring, Gavin Foh, ED in credit structuring, Paul Carret, ED in insurance solutions, structured credit trader Cheng Li, investment grade Asia credit trader Nick Jones and Terrence Ho, a macro trader based in Hong Kong.
On the sales side, external private bank sales associate director Carmen Lau, Andrea Rizzo an ED in the macro rates sales team and Angela Chan, director of Singapore and Philippines flow credit sales, have all left the bank. In addition to these cuts, the bank’s entire commodity sales team in Asia has been axed.
Credit Suisse cuts 17 in rates and fixed income
Credit Suisse has axed a swathe of jobs from its FX and fixed income teams in Singapore. Marc Dray, director and head of FX hedge fund sales Asia Pacific has left the bank after four and a half years at the firm. He was based in Singapore. Prior to Credit Suisse, Dray worked at Barclays and Credit Lyonnais.
Other departures include Raymond To, a director in FX bank sales, Tania Goh, Nande Khim, Sari Chandra and Mary Coe, FX sales associates, and Nirav Kanorda, who was in Asia rates sales. A majority of the departures were based in Singapore and took place on October 29.
Eng Chien Chan, who replaced Ivan Chan as head of FX sales in Asia remains in his Singapore-based role at the bank, and according to headhunters, the entire Credit Suisse FX team will be moved to Singapore following the cutback.
JPM’s Jaeger joins BoA-Merrill
Peter Jaeger has joined Bank of America Merrill Lynch (BoA-Merrill) as head of Asia Pacific futures and options and over-the-counter (OTC) clearing. He will be based in Tokyo and the role is effective from the beginning of December.
He will work both on the client and executions sides of the business, alongside the prime brokerage, global markets financing and futures and electronic trading teams, according to an internal memo seen by Asiamoney PLUS.
He moves to BoA-Merrill from J.P. Morgan where he was head of the futures and OTC clearing businesses in Japan and Korea. Before this he spent ten years with the bank based in London, heading up the EMEA fixed income futures desk.
Nomura builds strategy team with Rocks
The Japanese bank has hired Tim Rocks as managing director and Australia strategist. Based in Sydney, he will report to Richard Johnson, head of equity research for Australia.
He joins Nomura from Merrill Lynch, Australia, where he was head of Australian investment strategy. Before this he held the same role for Asia at Macquarie Securities, based in Hong Kong. He has also spent time as an economist at the Reserve Bank of Australia.
StanChart hires Naughton and Hempshall
Alan Naughton has joined Standard Chartered as global product head for investors and intermediaries, transaction banking. He is based in Singapore and reports to George Nast, global head of product management, transaction banking.
He joins from J.P. Morgan where he has worked for the last 20 years, focusing on investor and fund services across EMEA. His most recent role was head of commercial management for global funds services.
Andrew Hempshall has also joined the bank, based in Singapore, as global head of solution delivery and service, investors and intermediaries, transaction banking. He reports to Russell Graham, global head of solution delivery and service. He moves to the bank from State Street Corporation.
Khoo joins Amundi in equities role
Terence Khoo has joined Amundi as director, investment, with a specific focus on North Asian equities. The role was effective from October 29, and he is based in Hong Kong. He reports to Ayaz Ebrahim, chief investment officer (CIO) of equities for Asia ex-Japan.
Khoo was previously the CIO for Asia at Sofear Global Research, where he managed Asia Pacific, Asia ex-Japan and emerging markets funds. He has also worked for HSBC, James Capel, Credit Agricole Asset Management, Kerry Asset Management and Frontpoint Partners Asia, as well as Lehman Brothers (Asia).
UBS appoints India wealth management CEO
Oscar Balcon has relocated from Singapore to Mumbai to take on the role of CEO of wealth management (WM) India at UBS.
The bank’s WM platform in India has recently opened to domestic clients, with a view to expanding for non-resident Indian (NRI) business.
Balcon has worked at UBS and in wealth management for 28 years.
Sanford C. Bernstein adds three in Asia
The sell-side research firm has added three analysts to its Asian team.
Kenneth Tsang joined the firm on October 30 to cover the Asia property sector. He moved from Jones Lang Lasalle where he was head of research and strategy for Asia Pacific.
This followed the hires of Vanessa Lau, Asian metals and mining analyst and Kevin Kwek, who covers Southeast Asian banks. Kwek joined from Standard Chartered Bank in Singapore, where he was most recently regional head of strategy for Singapore and Southeast Asia.
Lau moved to the firm from aluminum producer Alcoa, where she was chief financial officer for the global rolled products, covering finance, strategy and M&A. All three will report to Ghislain de Charentenay, director of research for Asia.
BoC Aviation hires Seah from Citi
Nick Seah has joined Bank of China (BoC) Aviation as senior vice president for airline leasing and sales, Asia Pacific, responsible for leasing and selling aircraft to greater China. He is based in Singapore and reports to Graham Lees, head of aircraft leasing and sales for Asia Pacific and the Middle East.
Seah joins the aircraft leasing company (which is fully owned by the BoC ) from Citibank where he was director and cluster head of global banking, Singapore.
Alvarez & Marsal’s Roizen moves to Asia
Jacques Roizen, managing director at Alvarez & Marsal (A&M), has moved from New York to Hong Kong as it moves to strengthen its Asia presence.
Roizen has worked in the New York office at the professional services firm for ten years, where he was co-head of the revenue enhancement practice.
Before A&M, he worked for McKinsey & Company, where he was part of the retail and consumer packaged goods practices. He has worked across Europe, Asia and North America.
The firm has been in Asia since 2003, with offices in Hong Kong, Shanghai, Beijing and Mumbai.
TORA appoints sales MD
Perry Pritchard has joined financial services company TORA as a managing director for sales, based in Hong Kong. He will report to Chris Jenkins, managing director for Asia Pacific at the firm.
He joins TORA from Daiwa Securities where he was global head of electronic trading sales, also based in Hong Kong.