UBS Group‘s former senior banking executive David Chin is returning to the Swiss group as the new head of its Asia Pacific corporate client solutions business, which covers investment banking, according to an internal memo seen by Reuters.
Chin, who joined UBS in 1994 and left in 2015 to pursue academic interests, will take over from Sam Kendall who will be relocating to New York as the head of the bank’s global equity capital market (ECM) business, the memo said.
Chin’s return to the bank comes against the backdrop of some high-profile exits from its Asia investment banking business in the last one year amid a tough operating environment for global banks in the region.
He will start in early September and focus on accelerating UBS investments to deliver profitable growth, the memo said.
A UBS spokesman confirmed the content of the memo.
Kendall, who joined UBS in Australia about two decades ago, became head of Asia Pacific corporate client solutions business last year, as part of a broader restructuring of UBS’ investment banking business.
The corporate client solutions business houses the Swiss bank’s merger and acquisitions advisory business and the teams helping with stock market listings, bond issues and other types of financing.
“Having Sam located in New York, a critical market for us, but one where we have been historically underweight in ECM … will ensure that the global business benefits fully from his experience and guidance,” the memo said.
In his previous stint at UBS, Chin was involved in advising on several China outbound deals and closely worked with several Chinese financial institutions on their fund raising and M&A activities.
In June, UBS’ head of China investment banking and vice-chairman of Asia investment banking Jiang Guorong and head of Asia Pacific M&A Alison Harding-Jones left the firm to join Citigroup Inc.
Joseph Chee, one of UBS’ top dealmakers in Asia, who was the go-to banker for Chinese state and private companies seeking to raise funds in Hong Kong and the United States, left in January to set up his own fund.
UBS was ranked No. 3 in Asia Pacific, excluding-Japan, M&A league table in the first half of this year, while it was placed fifth in the regional equity capital markets league table in the same period, according to Thomson Reuters data.
UBS was a powerhouse in Asia equity capital markets business and along with Goldman Sachs dominated the league tables from 2002. But in the past two years its performance has suffered as Chinese banks made inroads into the money-making business.