UBS created a new equities role after the Swiss bank's asset management arm won a private funds license in China.
David Xu has been appointed as senior relationship manager for UBS Securities China across investor client services, according to an internal memo seen by finews.com.
Xu joined the unit as head of equities sales nearly three years ago. Last year, he was promoted to head of equities.
He will continue to be based in Shanghai and will report to the general manager of the local unit, Thomas Fang, as well as to investment banker Kevin Arnold.
Chen Rejoins
As a result of the internal move Ken Chen will rejoin the Chinese securities unit in August as head of equities, subject to regulatory procedures.
Chen actually held that role from 2008 to 2010, and prior to that a senior one for UBS in Taiwan.
He has more than 20 years of experience in Asia, most recently as head of equity research in Asia at BNP Paribas. Before that, he was deputy head of equity cash in Asia Pacific and Chief Executive of Taiwan for the French bank's securities unit.
Wealth Management
Earlier this week the wealth manager tweaked its leadership team to focus on growing prosperity in China.
The bank has high hopes for business from greater China, which it expects will contribute over 60 percent of overall wealth created in the next three years.
This week, UBS Asset Management became the first firm to receive a license for private fund management license in China.
