• Pang Cheng Duan has joined Manulife Asset Management (Singapore), part of MFC Global Investment Management, as head of fixed income. He will oversee the company’s fixed income desk and lead the development of external business, following the launch of its unit trust platform in September 2009. Pang joins from UT Asset Management, the asset management arm of Usaha Tegas Group in Singapore, where he was chief investment officer. Prior to that, he spent almost eight years at the Monetary Authority of Singapore and worked as the Government of Singapore Investment Corporation’s deputy representative in Japan. He replaces Akira Okada, who has moved to MFC Global Investment Management’s Hong Kong office to take up a regional role managing the company’s general account fixed income strategies.
• Credit Suisse has named Alexander Toone as its new head of commodities in Asia Pacific, overseeing all aspects of sales, structuring and trading, as well as its commodities alliance with Glencore International. Toone reports functionally to Adam Knight, global head of commodities in London, and regionally to Carsten Stoehr, head of fixed income, Asia Pacific, in Singapore. Toone was most recently global head of sales for commodities, based in London. Toone replaces Gunnar Hoest who is moving to Deutsche Bank. The Swiss bank has also recruited Tom Wyse to its pension strategies and transition management team in Sydney. He is tasked with growing the Swiss bank’s transition management business in the Asia-Pacific region and will focus on sovereign wealth funds and institutional superannuation and pension funds. Wyse reports to Sydney-based David Baker, head of portfolio and electronic execution services, and Charles Shaffer, global head of transition management in New York. He previously worked in Deutsche Bank’s portfolio trading and transition management team in Sydney, covering domestic institutional superannuation funds as well as focusing on portfolio sales trading for index and quantitative fund mangers. Before joining Deutsche Bank, he worked at AMP Capital Investors for five years.
• Christopher Lee, head of risk management product (RMP) intermediaries at UBS in Hong Kong, has left the Swiss Bank. Lee had occupied the role for about a year following the departure of Min Park, who himself quit in March 2009, alongside Kenneth Pang, head of equity derivatives trading, Asia ex-Japan. Both Park and Pang – along with a raft of more junior staff – moved to join Credit Suisse’s Hong Kong office in broadly similar roles. Thomas Fang, head of equity RMP for greater China in Hong Kong, and Chang Sik Cin, deputy head of RMP intermediaries, have temporarily assumed Lee’s role.
• Barclays Capital has hired Sigurbjorn Thorkelsson as a managing director and head of equities for Asia Pacific, as part of its efforts to build out a full-service equities franchise in the region. Based in Hong Kong, Thorkelsson will be a member of the equities executive committee and the Asia-Pacific executive committee, and will report to New York-based head of global equities, Gerald Donini. Thorkelsson has joined from Nomura, where he was head of equities for Asia Pacific, and had previously spent 13 years at Lehman Brothers where he ran Asian equities and led the development of the dealer’s equity derivatives business both in the US and Europe.Barclays Capital has also recruited Mark Sandeford as a managing director and head of cash equities trading for Asia excluding Japan, and Jeremy Norris as a managing director and head of sales trading for Asia excluding Japan. Sandeford will be based in Hong Kong, reporting to Thorkelsson, and joins from CQS in London. Previously he was head of non-Japan Asia sales and trading for Credit Suisse. Norris joins from CLSA in Hong Kong, where he was global head of equities trading. Norris will also be based in Hong Kong and will report to David Campbell, head of North Asia distribution.
• Macquarie has hired Leong Yung Chee as a managing director and head of Singapore client coverage for Macquarie Capital Advisers. He will report to Kalpana Desai, deputy head of Asia for Macquarie Capital Advisers in Hong Kong. Leong was most recently a senior origination banker for Credit Suisse in Singapore, who had previously spent 10 years working in the investment banking division of Merrill Lynch in Singapore and for the Singapore Economic Development Board. Macquarie Capital Advisers is responsible for Macquarie’s corporate advisory and equity underwriting businesses.
• Lee Zhang is due to join ICBC as a vice-president in Beijing, subject to regulatory approval. He will join from Deutsche Bank, where he ran the German bank’s China business and global banking for Asia Pacific. He previously held senior roles at Goldman Sachs. Lee is the first senior manager at a major Chinese bank to be recruited externally by an executive from a foreign bank and is part of a recruitment effort by the Chinese Central Organisation Department, according to parties familiar with the matter.
• The People’s Bank of China (PBoC) has named three academics as new members of its Monetary Policy Committee (MPC). The trio – Zhou Qiren, Xia Bin and Li Daokui – are expected to replace Fan Gang, the only sitting academic, offering depth to the committee as the central bank attempts to rein in asset bubbles following a significant credit expansion in the world’s third-largest economy. Zhou is an economics professor and head of the National School of Development at Peking University in Beijing. He earned a doctorate from the University of California, Los Angeles. Xia is head of the finance institute of the State Council Development and Research Centre. He studied at the PBoC’s graduate school and previously worked at the central bank’s research institute and the China Securities Regulatory Commission. Li is director of the Center for China in the World Economy of Tsinghua University and received his doctorate in economics from Harvard University having previously worked at the World Bank and Stanford University’s Hoover Institution. The appointments bring the committee, headed by central bank governor, Zhou Xiaochuan, to 15 members.
• Citi has named Ravi Kapoor as its new head of global banking for India. In his role, Kapoor will report to Pramit Jhaveri, Citi country officer for India, and Farhan Faruqui, head of global banking for Asia Pacific. Kapoor was previously head of south Asia capital markets origination and has more than 22 years of banking and capital markets experience. Prior to joining Citi in 2005, he held a variety of senior positions at ICICI Bank and DSP Merrill Lynch.
• HSBC has appointed Jane Wang as chairman for China coverage and head of corporate finance for China. Wang reports to Liu Che Ning, head of global banking for Hong Kong and China. Wang is responsible for leading coverage of major clients and key government sectors in mainland China and will work closely with product teams to provide tailor-made advisory and financing services. Wang was previously managing director and vice-chairman for China investment banking at Nomura Securities and has also worked as co-head of China investment banking for Deutsche Bank in Hong Kong and Beijing.
• Citi has unveiled a series of new appointments to its Asia-Pacific prime finance team. The eight new appointments are located in Hong Kong, Singapore and Sydney, and cover capital introduction, sales, client servicing, risk management and futures. In Hong Kong, the US bank has hired Simon Ng as director and chief operating officer for the futures unit. Ng was previously with HSBC where he helped roll out HSBC’s futures product in the region. Dagmar Baeuerle, who was previously chief operating officer and chief financial officer at US asset manager Crown Advisors International, has joined as a director and will be responsible for the build out of Citi’s consultancy services. Kenneth Leung has joined as a senior vice-president in risk management, Mattan Lurie as vice-president in the capital introduction team, and Becky Yang as vice-president in sales. In Singapore, June Chan has joined as a director in the client servicing team. Prior to joining Citi, she worked for 18 years at Morgan Stanley in New York.
Citi has also named Neil Toy as vice-president in the sales team. Toy was previously with Goldman Sachs in London, where he focused on serving multi-strategy clients. Meanwhile, Miles Tissington has joined the futures desk as a vice-president in Sydney from JP Morgan.
• DBS has hired Tan Su Shan from Morgan Stanley as its new managing director and head of private banking, including asset management. In this regional role, Tan succeeds Amy Yip, who remains as chief executive of DBS Hong Kong. Tan will join DBS on July 1 from Morgan Stanley Singapore, where she was most recently a managing director and head of private wealth management for southeast Asia. Prior to that she was region head of Citi Private Bank for Singapore, Malaysia and Brunei. She also spent seven years covering institutional equity and derivatives at ING Barings in London, Tokyo and Hong Kong. Tan will be a member of DBS’ group management committee, reporting to chief executive, Piyush Gupta.
• Allianz Global Investors has appointed Eugen Löffler as chief investment officer for Asia Pacific, based in Korea. He will report to Douglas Eu, chief executive of Allianz Global Investors Asia Pacific, and be responsible for the development and implementation of the investment strategy for the region. Löffler previously served as chief executive of Hana Allianz Investment Trust Management Company from 2001 to 2005. Following this, he was responsible for the investments of Allianz’s life and non-life insurance companies in Switzerland, while also serving as head of the global equity team for Allianz Investment Management.
• Barclays Wealth has hired Helen Pun as a director and market head of Hong Kong, where she will report to Joanna Chu, head of north Asia at Barclays Wealth. Pun was previously an executive director and senior client adviser for the greater China key clients team at UBS in Hong Kong, where she has been responsible for key client coverage across Greater China since 2007. She has close to 25 years of private and corporate banking experience and has worked at Bank of America and JP Morgan Chase. Barclays Wealth has hired several senior bankers in the past few months, including Singapore-based Srinivas Siripurapu, head of south Asia and southeast Asia, and Vikram Malhotra, head of south Asia.
Deutsche makes Asia moves
Deutsche Bank has hired Gunnar Hoest as a managing director and its new head of commodities for Asia. Hoest, who will join Deutsche Bank in June and relocate from Hong Kong to Singapore, is tasked with building out the bank’s commodities business in Asia.
Hoest will join Deutsche Bank from Credit Suisse, where he was head of Asia commodities and was responsible for building the Asian commodities business since 2006. He was previously Hong Kong-based head of emerging market credit derivatives and exotic trading at the Swiss bank, where he has also held positions as a derivatives trader in New York and London.
In his new role, Hoest will report regionally to David Lynne, head of global rates for Asia in Singapore, and globally to David Silbert, global head of commodities in London who joined Deutsche Bank from Merrill Lynch in early 2007.
Deutsche Bank’s current head of commodities for Asia, Simon Grenfell, will relocate to London mid-year and take on a role as global head of metals sales and origination. He will report to Louise Kitchen, global head of commodities structuring and sales in New York.
Deutsche Bank has also recruited Kenneth Hon as a managing director and head of equity derivatives trading for Asia ex-Japan. He joins from Citi, where he was head of equity derivatives trading for Asia ex-Japan, and will be based in Hong Kong.
He will report regionally to Phillip Lonergan, head of equity trading and risk for Asia ex-Japan, and globally to Roger Naylor, global head of equity derivatives.
Hon began his career at UBS in Hong Kong, where he structured and traded credit and interest rate derivatives products. He then moved to Nikko Citigroup to trade Japanese equity derivatives, including vanilla options and structured products, while developing algorithmic trading strategies.
Hon replaces Murray Roos who has relocated to London as head of global markets equities for central and eastern Europe, the Middle East and Africa.
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