After nearly 18 years at Bank of America Merrill Lynch, Antony Hung, who is head of Asia-Pacific wealth management, has “decided to retire from the firm to pursue alternative professional interests”, the bank announced in an internal memo on Friday.
"We will work closely with Antony to ensure a smooth transition and expect to announce his successor shortly. Wilson So, head of North Asia global wealth management, will serve on an interim basis as head of Asia-Pacific wealth management,” noted Sallie Krawcheck, president of Bank of America global wealth and investment management, and Brian Brille, president of BoA Merrill in Asia-Pacific, in the internal memo.
So joined BoA Merrill as head of North Asia global wealth management advisory in early December, succeeding Oh Eng Lock who had retired after five years at the bank. He reported to Hung and was tasked with developing the bank's presence in North Asia and with honing its strategy. He joined from Smith Barney where he was head of the Asia businesses.
Hung has enjoyed a successful career at Merrill Lynch. In his most recent role as head of Asia-Pacific wealth management, which he assumed in 2008, he helped to steer the business through the financial crisis and the transition of combining Bank of America and Merrill Lynch. He joined the bank in 1993 as a vice-president of debt sales covering Greater China. Three years later he became a managing director, and four years after that he was promoted to head of Asia-Pacific debt sales. In 2002 he was made head of Asia-Pacific debt markets and a member of the regional executive committee. He served as head of fixed-income currencies and commodities at Merrill Lynch from 2007 to 2008.
“Antony has been a mentor, guide, colleague and friend to many of us over the years. He has always been generous with his time, encouragement and support for both work associates and charitable groups,” wrote Krawcheck and Brille in their internal memo.
Hung began his career with Exxon Chemical where he worked in the treasury, tax and market planning department. He also spent three years at Salomon Brothers in institutional debt sales before joining Merrill Lynch. He has a bachelor of business administration degree in accounting and a master of business administration degree in finance, both from the Chinese University of Hong Kong.
Some sources suggest that Hung is not retiring but has already lined up another senior-level job at a competing firm and will join after an agreed gardening leave with BoA Merrill. Many private banks are adding staff at various levels, as Asia continues to deliver high growth for their businesses. Hung could not be reached for comment.
