UBS is underscoring its ambitions for China by snagging a Goldman Sachs veteran to run its asset management business there.
The Swiss bank is appointing Raymond Yin as the new head of asset management in China, UBS said in a memo. He will oversee the further build-out of the bank's onshore wholly foreign-owned enterprises and its joint venture with State Development Investment Corporation, or SDIC.
«We have a long-term commitment to expanding our presence in China, which continues to be a key strategic growth priority for our business globally,» said Ulrich Koerner, who runs UBS' overall asset management arm.
Yin, who will be based in Shanghai and report to Asia asset management head Rene Buehlmann, spent much of his career at Goldman Sachs, including as head of China equities. Most recently, he ran the international division of Shanghai Chongyang Investment Management and was CEO of Chongyang International Asset Management.
