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Daily Dispatches: defections from Deutsche in HK

Macquarie Group has hired Leong Yung Chee from rival Credit Suisse to lead a key division of Macquarie Capital Advisers in Singapore. Leong will be based in Singapore under Kalpana Desai, Macquarie Capital Advisers deputy head of Asia. (The Australian)

Deutsche Bank has suffered two more senior defections from its Asia debt capital markets team, following the resignation of Michael Luk at the beginning of this month. Jimmy Choi and Kang-Jae Kim, both directors based in Hong Kong, handed in their notices yesterday, according to market sources, and will join Luk (their former boss), who was poached for the top Asia DCM job at Bank of America Merrill Lynch. (Finance Asia)

The co-chief executive of UBS’s global investment bank, Carsten Kengeter, has revealed the bank will boost its Asia-Pacific workforce by 10 per cent to increase the contribution the division makes to the institution’s global profitability. (The Australian)

RBS Coutts Singapore is bouncing back after being dealt a body blow some six months ago when it lost more than one-third of its staff to a rival private bank. It has since recruited 65 people, 12 of them bankers, says Nick Pollard, chief executive of RBS Coutts Asia. (Asia One)

Morgan Stanley and Mitsubishi UFJ are still struggling to finalise details of their joint operations in Japan and have yet to sign a contract on the deal, just weeks before the venture is scheduled to become operational.The banks are aiming to start business in May at two joint venture companies they are establishing in Japan, but are “still discussing a lot of issues”, according to a Morgan Stanley representative. (Financial Times)

Former Macquarie Bank trader Oswyn de Silva has been sentenced to nine months’ jail, with a minimum of six months without parole, for trying to flee the country when the corporate regulator wanted to question him. De Silva, 36, pleaded guilty to being in contempt of court. The Australian Securities and Investments Commission had imposed travel restrictions on De Silva, but he was stopped by police in Perth on March 1 attempting to flee the country. (Sydney Morning Herald)

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