Jiang Guorong yesterday quit as China investment banking head at UBS, two sources confirmed to FinanceAsia.
Jiang was also a vice-chairman of the Asian investment banking division – known as corporate client solutions, or CCS, at the Swiss bank. His next destination has not been confirmed, though FinanceAsia understands he is set for a senior investment banking role at a rival international bank.
A former economist, Jiang joined UBS in May 2015 after 10 years at China International Capital Corporation (CICC).
He becomes the latest big name to depart UBS in recent months – most notably Joseph Chee, who quit in January as head of investment banking for Asia Pacific.
Jiang previously worked for the Bank for International Settlements, the International Monetary fund and the Hong Kong Monetary Authority. He could not be reached for comment by phone.
Also leaving is Alison Harding-Jones, head of M&A advisory in Asia Pacific, who has been poached by Citi as head of M&A in Europe, the Middle East and Africa, according to a Financial Times report on Thursday. A UBS spokesman confirmed her departure, but declined to comment on who would take over.
Samson Lo and recent arrival Pei Shen Chou now share the role of head of M&A Asia, and had reported to Harding-Jones until her departure.
Meanwhile according to an internal memo signed by Jiang yesterday, of which FinanceAsia has obtained a copy, the Swiss bank has appointed Katherine Fang and Mandy Zhu as deputy heads of CCS China.
Fang joined UBS's China team in February 2016 and is a member of its new economy committee which promotes business in new economy areas including fintech, mobile health, e-commerce and technology. Prior to joining UBS, she worked at CICC as head of financial sponsors group and was a member of the management committee of the investment banking department.
Zhu joined UBS as an analyst in June 2004 in its China team and transferred to the Asia FIG team in 2006. She became co-head of Greater China FIG in 2016. According to the memo, she has led coverage efforts and relationship with some of its most important clients in the region including Postal Savings Bank of China, China Reinsurance, New China Life, and China Pacific Insurance Corporation.
“Transferring to the China team would further broaden her contribution to other non-FIG clients. Mandy will continue to cover her existing clients as well as to develop clients in both FIG and non-FIG space,” Jiang wrote.
Last month, the bank lost three senior investment bankers including Wang Cheng, its deputy head of China, according to a Bloomberg report citing people familiar with the matter.
The Swiss bank added two staff in Asia Pacific equity derivatives in March as part of a larger re-shuttle of senior bankers across cash equities, derivatives, and trading and distribution. It hired veteran equity banker Andrea Casati from JP Morgan in March to head the Asia Pacific equity syndicate business, filling the vacancy left by the departure of Damien Brosnan.
It lured Randy Gelber from SMBC Nikko to be a managing director and head of the TMT group in February.
