Several months after Clive Standish was invited to become chief financial officer of UBS in Zurich, the bank has named Rory Tapner as the new chairman and CEO of Asia Pacific. Standish moves into his new office on 1 April, while Tapner takes up the Hong Kong posting on 1 May.
The announcement marks a turnaround in strategy for the bank. In an interview with FinanceAsia last October, Standish said the CEO role would not be replaced given the strength of the senior management team run by Peter Burnett in investment banking, Brad Orgill in equities and Kathy Shih in private banking. But now Tapner will oversee the Asian operation, implementing, as the bank says, "UBS's strategy across its wealth mangement, asset management, investment banking and securities businesses."
Tapner is no stranger to Asia. In his role as joint global head of investment banking, alongside Robert Gillespie, he was knee-deep in PCCW's purchase of Cable & Wireless HKT in 2000, advising Richard Li on using his bubble stock to buy one of Hong Kong's great assets.
UBS says Tapner, who will report directly to CEO Peter Wuffli, will continue to support a number of the bank's key corporate clients working with John Costas, the CEO of investment banking.
Tapner is a long-term UBS banker with more than 20 years at the firm. He headed the equity capital markets business before assuming his role as joint global head of investment banking in 1999. Once Tapner moves to Hong Kong, his current position will be filled by Ken Moelis who joined UBS in 2001 as head of investment banking for the Americas.
Several months after Clive Standish was invited to become chief financial officer of UBS in Zurich, the bank has named Rory Tapner as the new chairman and CEO of Asia Pacific. Standish moves into his new office on 1 April, while Tapner takes up the Hong Kong posting on 1 May.
The announcement marks a turnaround in strategy for the bank. In an interview with FinanceAsia last October, Standish said the CEO role would not be replaced given the strength of the senior management team run by Peter Burnett in investment banking, Brad Orgill in equities and Kathy Shih in private banking. But now Tapner will oversee the Asian operation, implementing, as the bank says, "UBS's strategy across its wealth mangement, asset management, investment banking and securities businesses."
Tapner is no stranger to Asia. In his role as joint global head of investment banking, alongside Robert Gillespie, he was knee-deep in PCCW's purchase of Cable & Wireless HKT in 2000, advising Richard Li on using his bubble stock to buy one of Hong Kong's great assets.
UBS says Tapner, who will report directly to CEO Peter Wuffli, will continue to support a number of the bank's key corporate clients working with John Costas, the CEO of investment banking.
Tapner is a long-term UBS banker with more than 20 years at the firm. He headed the equity capital markets business before assuming his role as joint global head of investment banking in 1999. Once Tapner moves to Hong Kong, his current position will be filled by Ken Moelis who joined UBS in 2001 as head of investment banking for the Americas.
