UBS is losing another top shot investment banker at its Asia-Pacific division. The capital markets business in the region proves difficult terrain for the Swiss No. 1.
The Asia-Pacific unit within the UBS investment bank has another departure to deal with: Joseph Chee has left the bank, «Reuters» reported today. He was the head of corporate client solutions for Asia and the point person for Chinese state and private companies looking for capital.
Chee, a veteran UBS manager, will set up his own fund, «Reuters» said. A source told finews.com that's Chee's departure wasn't entirely his own decision.
Asian Difficulties
Chee's departure is the second at UBS Hong Kong within a short time. Damien Brosnan, the co-head of the unit, in December left the company after only seven months. His predecessor, Saurabh Beniwal, had left the bank in August.
UBS has lost market share in the equity capital markets of Asia over the past years as Chinese competitors started to make inroads in the business, winning important IPOs and share emissions.
Veteran UBS Banker
Chee was with UBS for more than a decade, working at the Hong Kong branch of Switzerland's biggest bank. Three years ago, he was suspended for a short period of time after luring the daughter of a Chinese businessman from a competitor in a bid to win orders. The hiring policy led to the departure of top shot Sharlyn Wu.
