UBS is re-hiring David Chin to head up its Asia Pacific corporate client solutions business, which includes its investment banking operations. The appointment, which has been widely reported as a result of an internal memo distributed on Friday morning Hong Kong time from UBS investment bank head Andrea Orcel, sees Chin returning to the Swiss banking giant he left two years ago for academia. He first joined it in 1994.
Chin is, according to the memo, sest to take over the role in early September from Sam Kendall, who is moving to UBS’s New York offices, where he will head up its global equity capital market (ECM) business, the memo said.
Chin’s return to UBS is coming in the wake of a number of departures from UBS of its China-focused investment banking staff, some media commentators noted, in initial reports of the move.
In his memo to UBS staff, Orcel noted that Kendall had successfully reorganised the bank’s Asian operations during his time there, and that his efforts had contributed to his division’s 89% jump in year-on-year first-half pretax profit.
“These achievements speak to the contribution that Sam and the wider CCS team have made to the business over the last 12 months,” he said in the memo.
“They have fulfilled their mandate of decisively repositioning our Asia business to better align it to both the rapidly-changing needs of our clients and a more challenging environment.”
Manulife Hong Kong has promoted Rockson Leung to chief financial officer. He succeeds Nigel Ke, who was named interim chief financial officer of Manulife Asia.
In his new role, Leung, pictured left, who joined Manulife Financial in 2010 as deputy chief financial officer for Asia, will report to Guy Mills, chief executive of Manulife Hong Kong, as well as to Ke, the company said. Most recently Leung has been the company’s chief risk officer for Asia.
Leung began his career in Australia before returning to Asia in 1999, where he worked for ING Asia in a range of roles. Immediately before joining Manulife he was deputy chief executive and chief financial officer of the Bank of China Group Life Assurance Co. He holds a Bachelor of Economics degree from Macquarie University in Sydney and is a fellow of the Institute of Actuaries of Australia and the Financial Services Institute of Australasia.
Based in Toronto and listed on the Toronto, New York, Hong Kong and Philippine stock exchanges, Manulife was one of the first North American insurance companies to expand into Asia, having set up a Hong Kong operation in 1898, which pre-dated its entry into the US market.
Robert Aziz has been named to succeed John Wonfor as global head of tax at BDO, the fifth largest global accounting firm. In the role, Aziz, pictured left, who joined BDO UK in 2002, will “play an important role in the strategic direction and growth of the global network’s tax business”, BDO said in a statement.
Aziz will be based in London, and from there, will head up a team of more than 10,000 tax specialists across 162 countries, BDO said.
Wonfor, who had held the global head of tax post for seven years, has returned to BDO Canada, as the National Tax Office leader.