China Merchants Securities' IB head departs

Daniel Ng, head of investment banking at China Merchants Securities (HK), left the firm earlier this week according to two sources familiar with the situation.

Ng also served as deputy chief executive officer of the brokerage, a unit of state-owned conglomerate China Merchants Group.

A veteran investment banker with a seat on the listing committee of Hong Kong Exchanges and Clearing (HKEx), Ng joined China Merchants Securities in June of 2012.

He will likely remain in the banking industry, one of the sources told FinanceAsia.

Ng advanced the brokerage’s offshore business by leveraging the network of its Shenzhen-based parent, a sprawling business group with banking, property and logistics assets.

The broking unit's investment banking arm matured during Ng's tenure, with its equity and debt transaction practice and M&A advisory well positioned to support activities of the parent and two most important siblings -- China Merchants Banking and China Merchants Property.

China Merchants Securities has focused on assisting regional Chinese companies to list in Hong Kong. One notable deal was Liaoning province-based Shengjing Bank’s $1.4 billion initial public offering in Hong Kong, in which China Merchants Securities acted as the sole sponsor.

The firm ranked sixth in Asia-ex Japan investment banking revenue between December 2014 and October 2015, generating $204 million and has a 2.6% market share, according to data provider Dealogic.

Before joining the securities firm Ng worked at Bank of China International from 2004, rising to vice chairman of investment banking. He has also held posts at Schroders, Bear Stearns and Standard Chartered.

Ng holds a masters in law from Northwestern University and earned an MBA from the University of Rochester. He attended Indiana University as an undergraduate.