UBS hires Treacy, promotes Drake to co-head All Industries Group
Swiss bank UBS has poached Shaun Treacy from Nomura to be a managing director and co-head of All Industries Group (AIG) coverage for Asia in investment banking.
According to an internal memo from Matt Hanning, head of Asia Pacific investment banking, and David Chin, head of Asia investment banking, seen by Asiamoney PLUS, Treacy and Steven Drake had been appointed as the co-heads of AIG, which are new roles.
Treacy was formerly Nomura’s global co-head of natural resources and power and chairman of corporate finance for Asia Pacific ex-Japan.
The internal memo stresses that Treacy has particularly strong relationships in natural resources, especially the global metal and mining industries. He will start upon the end of his gardening leave in January 2013, reporting to Hanning.
Hanning told Asiamoney PLUS in an interview that the hiring of Treacy and promotion of Drake directly followed the bank’s decision to move Nick Hassall from Asia to London to be head of consumer and retail coverage.
“Moving Nick to his new role made sense in the same way the hiring Shaun to be the co-head of AIG made sense,” Hanning said. “Globally M&A flows are down but in Asia they are up 19%, but only because cross border outbound M&A is up. And 60% of Asia outbound M&A is natural resources, so we needed a banker with global content who could talk to Asian acquirers about the global landscape.”
He added that moving Hassall to the UK and promoted Drake, who concentrates on chemicals and diversified industries and previously reported to Hassall in Hong Kong, was also part of this strategy.
“Inbound M&A into Asia is down 4% but that’s still a lot better than the rest of the world,” Hanning said. “Consumer retail comprises 40% of this M&A so again it was logical for us to have a banker with good Asia connections to be based internationally and able to talk to our global clients. Meanwhile Steve focuses on diversified industrials, and that’s the second-largest outbound sector from Asia after metals and mining.”
UBS has had a relatively good year in Asia ex-Japan investment banking. As of the end of September the bank ranked first for overall investment banking fees, having earned US$186 million, according to data provider Dealogic.
It was second overall for equity capital markets deal volume, having conducted US$7.71 billion of transactions, while it sits at sixth for announced M&A advisory, with US$31.15 billion of deal flow.
Hanning said that he is looking to add senior bankers into UBS’s investment banking platform, as the Swiss bank aims to maintain its relatively strong market position versus a number of its retrenching rivals.
“I don’t think we have a gap in our coverage, as demonstrated by our performance this year, but I would look to capitalise on our strength and selectively hire,” he said.
Nomura global finance shake-up
Mark Leahy, Nomura’s head of debt syndicate and debt origination for Asia ex-Japan, left the bank as it embarks on a US$1 billion cost-cutting drive.
It is understood he will be replaced by Clayton Carol, head of leveraged finance, with the rest of the debt capital markets (DCM) team remaining in place.
Leahy, a managing director, left the bank on September 21, according to market sources. He had joined Nomura in June 2011 as it sought to grow its DCM business in the region.
Previous roles include spells at Deutsche Bank and UBS. Leahy also founded Australia brokerage Arrive Private Investments, where he worked prior to joining Nomura.
The Japanese bank has also named a new management team within global finance in Asia ex-Japan, according to an internal memo seen by Asiamoney PLUS, the contents of which were confirmed by a Nomura spokesperson. Djamal Attamimi will take on the role of head of debt origination for Asia ex-Japan, reporting to Daniel Mamadou.
Clayton Carol will now report to Attamimi. Chris Chan becomes head of risk solutions and treasury services for Asia ex-Japan. He will report to Mamadou, as will Andrew MacGonigal, who will become head of debt origination and solutions for Australia.
HSBC appoints head of China outbound, head of sales
HSBC China has appointed Li Zhen to be the bank’s first head of China outbound. He will develop China desks in markets such as Brazil, Germany, South Africa, the US and the UK. The desks will help Chinese private and state-owned enterprises access these markets.
Zhen joined HSBC in 2004 and will continue to be based in Shanghai. He was most recently head of HSBC China’s domestic branch network.
In other news the bank has appointed Mark Troutman as regional head of sales for global payments and cash management (PCM), Asia Pacific. He reports to John Laurens, regional head of PCM.
Troutman was previously head of HSBC’s Southern Asia regional sales team, and for the last three months has been acting regional head of sales, global payments and cash management for Asia Pacific. In his new role he takes over from Richard Jaggard, who returned to the UK earlier this year.
Tynan appointed Citi’s head of transaction in Japan
Tim Tynan was internally appointed as Citi’s head of transaction services in Japan, effective September 3. He heads up the Citi Transactions Services (CTS) business in the country, and is based in Tokyo.
Before this, Tynan was chief operating officer for CTS based in New York. He joined Citi in 2001 from IBM and has worked for the CTS team since 2008.
He will report to Francesco Vanni d’Archirafi, chief executive officer of CTS.
Loiseau to head SocGen’s APAC cash equities
Société Générale has hired Stephane Loiseau to head up the cash equities team for Asia Pacific. He will be based in Hong Kong and combine the new role with his existing job as the bank’s deputy global head of execution services.
Loiseau reports globally to Francois Banneville, global head of execution services and Peter McGahan, global head of cash equity sales. Locally he will report to Timothee Bousser, head of global equity flow, Asia Pacific.
Loiseau joined Société Générale in 1996 as a trader of international equities in New York. Since then he has worked between London and New York, in a series of roles including co-head of global program trading and electronic services, and deputy global head of execution services and head of cash equity execution for London.
J.P. Morgan hires M&A heads
US bank J.P. Morgan has promoted Rob Sivitilli to a newly-created role as head of mergers and acquisitions (M&A) for Asia ex-Japan, ex-Australia. He takes on the position from his role as head of M&A and corporate finance for Southeast Asia, though he will continue in this role too.
Lian Lian has also joined the bank from Citi, as co-head of M&A for North Asia, alongside Sanjeev Malkani, reporting to Sivitilli. Her role is effective in September, according to an internal memo.
Sivitilli has worked for J.P. Morgan for 16 years. He worked for the industry and product teams in North America before relocating to Asia in 2010. He will continue to be based in Singapore.
Lian will be based in Hong Kong and focus on J.P. Morgan’s M&A business in China. Before working for Citi she spent five years at CICC.
ANZ wealth scoops Barclays’ Packard
Bret Packard has joined ANZ as managing director for wealth Asia. He will be based in Singapore and report to Joyce Philips, global CEO of wealth and private banking at the Australian bank.
Packard joins ANZ from Barclays where he was managing director for the Southern Africa region. He also worked in the premier banking and liability products business there. Before this, Packard worked for over 19 years in wealth and retail banking at Citi.
Coutts hires Asia head of treasury
Jonathan Lee has joined Coutts as executive director, head of treasury services for Asia, with immediate effect. He will be based in Hong Kong, and as well as leading the treasury team will head up the dealing and foreign exchange sales team.
In his new role Lee reports to Ken Sue, head of products and services for Coutts, Asia, as well as Philipp Ackermann, managing director for treasury services at the private bank.
Lee has joined Coutts from Shanghai Pudong Development Bank in Hong Kong, where he was head of treasury. He has also worked for J.P. Morgan, Bank of New York and China Construction Bank.
Pine Bridge hires equity team
Investment management company Pine Bridge has appointed an equity portfolio manager and four equity analysts to its team.
Portfolio manager Kenneth Tang will be based in Singapore, and equity analysts Dennis Lam, Kim-Peng Ang, Jacob Lee and Samantha Kwong, will be based in Hong Kong.
In addition, Wilfred Son Keng Po, managing director and portfolio manager, has relocated from the Philippines to Hong Kong to oversee portfolio management for Asean equities.
Tang joins PineBridge from Black River Asset Management, where he was managing director and portfolio manager for Asian commodities. Before this, he worked for nine years at Amundi Asset Management (previously Crédit Agricole Asset Management) where he was a senior member of the research team.
Lam will cover Hong Kong and China equities. Before joining Pine Bridge, he has worked for Franklin Templeton, Schroders and Baron Asset Management. Ang will be responsible for Asean equities research. He joins from IMC Investment in Hong Kong. Before that, he was a sell side equity analyst at Kenanga Investment Bank.
Lee will also cover Asean equities, and joins PineBridge from Deutsche Bank where he worked in the investment banking division. Before this he worked at HSBC in Hong Kong and Lehman Brothers in London. Kwong will cover Hong Kong and China equities and joins PineBridge from Kim Eng.
Pictet & Cie opens HK branch
Swiss private bank Pictet & Cie has opened a Hong Kong branch and will make a series of senior hires, to be based in Hong Kong, according to CEO of Pictet Wealth Management in Asia, Claude Haberer.
Over the last year, Pictet has made a series of senior appointments in Hong Kong, including Sharon Chou, head of wealth management for North Asia, Richard Mak, Asia head of advisory services, Mourad Tahiri, Asia head of discretionary portfolio management and Randy Chu, managing director and group head for Hong Kong.
MacKenzie resigns from CVC Asia Pacific
CVC Asia Pacific’s managing partner Adrian MacKenzie has resigned, after working for 17 years at the company. He joined CVC in London in 1995 and relocated to CVC Asia Pacific in 1999, setting up a local office in Sydney soon afterwards. He will leave the firm in December.
The private equity firm is on the brink of losing billions of dollars, according to regional press reports.
Penprase joins Robeco Australia
Asset management firm Robeco hired Brett Penprase from Partners Group, to head up its institutional and wholesale sales team in Australia, effective September 1. The company opened its Australia office in March.
Penprase is based in Sydney and reports to Stephen Dennis, director and head of distribution for Australia and New Zealand at the firm.
At Partners Group, Penprase was an assistant vice-president and before that, head of research at Zurich Investments Australia and equities assistant at Tyndall Investment Management.
Headland Capital Partners names CEO and Chairman
George Raffini and Marcus Thompson have been appointed chairman and CEO of Headland Capital Partners. Before this, they were joint managing partners at the firm.
The company has also appointed Douglas Ng as senior partner and head of corporate development, from his former position as senior partner, investor relations.
McMurdo joins Blue Sky Investments
Lachlan McMurdo has joined Blue Sky Investments as an investment manager in the private equity division. He joins the firm from Bain and Company, where he spent three years as a consultant.
He joins former Bain and Company colleagues Alexander McNab and Robert Shand, who work for Blue Sky Investments as investment director and investment manager, respectively.