In the week of their flagship Greater China Conference, Swiss bank UBS has lost one of their top bankers with the departure of the Head of Corporate Client Solutions for Asia.
The Asia-Pacific unit within the UBS investment bank has yet another departure to deal with.
News and media firm «Reuters» reported that Senior UBS banker Joseph Chee has resigned to start his own fund.
Chee was the Head of Corporate Client Solutions for Asia and the point person for Chinese state and private companies looking for capital.
Asian Difficulties
His 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.
finews.asia reported last year that UBS is currently under investigation in Hong Kong by the local securities regulator.
