UBS appears to have scored a major personnel coup in Asia. It's bringing back the former number two of Credit Suisse's Asian wealth management business.
Deutsche Bank wanted to seize the opportunity and go on the offensive and profit from uncertainties surrounding the merger of UBS and Credit Suisse to bolster its business with wealthy Asians.
Even before its emergency takeover of Credit Suisse by UBS, Deutsche Bank hired Jin Yee Young, the number two of Asia wealth management at Credit Suisse, as head of Asia Pacific for International Private Banking (IPB), Deutsche Bank's wealth management unit.
Short Guest Appearance
But after less than half a year, she is said to be leaving the Frankfurt-based bank to become co-head of the wealth management business for Asia at UBS. The announcement could come as early as next week, people familiar with the matter told «Bloomberg» (behind paywall). A UBS spokesman declined to comment.
Iqbal Khan, who heads UBS' wealth management business, played a key role in the banker's hiring, the people said. Young replaces August Hatecke, one of the co-heads of Asia, who is moving to Zurich for a new position, according to the statement. At the beginning of the week, it was still disputed whether Hatecke would return to Switzerland any time soon, as finews.com reported.
On Mission in Asia
Khan traveled to Singapore at least twice in recent months to meet with clients and employees in Asia given the importance of the region to UBS' growth plans and where it wants to retain the best talent from Credit Suisse. Numerous top managers have left Credit Suisse amidst the uncertainty there, an exodus UBS wants to stop.
Perhaps with the hiring of Young, unsettled clients and staff will be reassured.
