A team of highly-regarded equity structurers has left UBS in Tokyo, including Michio Yasuda, head of equity solutions. Yasuda is believed to be setting up his own securities firm and equity market watchers suggested his former colleagues will join him. "They were phenomenal producers," said an equity official in Hong Kong, partly referring to their time at previous employer Nomura Securities.
Yasuda joined UBS last year along with a team of four from Nomura to boost its equity risk management business (DW, 1/21/05). Yoshinori Funato, executive director, and Shohei Sakai, director, who both came on board with Yasuda, have also left UBS.
At Nomura market officials said Yasuda and his team built up a hugely profitable corporate derivatives platform which assisted companies in restructuring their businesses during Japan's recession, via such methods as cross-share holding unwinding.
Market officials said Yasuda has decided to strike it out on his own and is now in the process of establishing a securities business in Tokyo. Further details could not be confirmed and Yasuda could not be reached by press time.
Kakuko Suzuki, spokeswoman at UBS in Tokyo, confirmed the departures and noted the desk has been restructured and filled with internal replacements, declining to further comment.