There have been a few high-level moves in the Asia-Pacific region over the past week, these are the ones you need to know about.
HSBC names new Asia Pacific head
Paul Skelton has been named regional head of commercial banking, Asia Pacific at HSBC. He will look after global trade and receivables finance (GTRF), as well as payments and cash management. Starting his new role on October 1, he will report to Simon Cooper, global head of commercial banking, and Peter Wong, deputy chairman. A few days ago HSBC announced that it plans to add 4,000 jobs in China’s Pearl River Delta region over the next three to four years, amid efforts by CEO Stuart Gulliver to invest about $100bn into the region.
BAML hires head of Greater China equities
Bank of America Merrill Lynch (BAML) has just hired Xia Yang as head of Greater China equities. It is a newly created role, and Yang joined from UBS, where he was head of equities for UBS China and Chairman of UBS Futures China.
Based in Hong Kong, Yang will report directly to Olivier Thirier, head of Asia Pacific equities.
Yang has extensive experience in both equities and futures business in Asia. While at UBS, he used spend a few years in Tokyo focusing on trading and execution. In his new role with BAML, he will be responsible for growing BAML’s Greater China equities business.
Goldman Hong Kong executive leaves for London
Jonathan Penkin, currently co-head of the financing group and co-head of equity capital markets (ECM) in Asia Pacific ex-Japan, will move to London to take up a newly created role of head of growth markets ECM. The move shows Goldman believes that companies in China, Africa and central Europe will become increasingly important in global deal-making. Penkin’s move will leave Aaron Arth as the sole head of ECM for Asia ex-Japan.
M&G Investments Asia MD to step down
European asset manager M&G Investments has revealed that its Asia managing director Andrew Hendry will step down by the end of this year after completing the firm’s first phase of expansion in Asia. Hendry will be leaving M&G altogether and will “seek a fresh challenge”, he says. After Hendry leaves, the Asian business will continue to be managed by Raphael Jaggy, the business manager at M&G Investments Asia. It’s however unclear at the moment whether Jaggy is going to take Hendry’s job title any time soon.
Credit Suisse has a new Asia CIO for private banking
John Woods has recently started in his new role as Credit Suisse’s new chief investment officer (CIO) for the bank’s private banking arm in Asia. Woods takes over from Fan Cheuk Wan, who left the Swiss bank in June.
Based in Hong Kong, he will report to Nannette Hechler-Fay’d’herbe, global head of investment strategy and research. Woods joins from Citi Investment Management where he was APAC head of fixed income. Prior to that, he served as the APAC CIO for Citi Private Bank.