Morning Coffee: Deutsche departure continues senior musical chairs in Hong Kong
The musical chairs among the senior ranks of North Asian investment banking continues – Bloomberg now reports that Lisa Friis, Deutsche Bank’s COO of investment banking coverage and advisory for Asia, has left the bank. Friis, who also oversaw equity capital markets for Asia, has 16 years of investment banking experience at Deutsche Bank in London, Sydney, Singapore and most recently Hong Kong, according to her LinkedIn profile.
Deutsche’s Asian leadership is going through a period of change. Friis’ departure follows that of Noah Ward, COO for Hong Kong, who is leaving Asia to become chief administrative officer in the UK and is being replaced by Gaurav Mital. Bloomberg also notes that Henry Cai, the firm’s most senior Chinese investment-banking veteran, is stepping down in February and that Robert Rankin, co-head of corporate banking and securities, is leaving this month. If Deutsche replaces them with external hires, expect more senior reshuffling across IBD in Hong Kong.
Other banks have also announced major appointments recently in Greater China. Alison Harding-Jones, the veteran UBS London banker, is moving to Hong Kong this month to take up the reins as head of Asia Pacific M&A. In December CLSA, the Hong Kong-based brokerage now owned by China’s Citic Securities, appointed former Macquarie banker Andrew Low as head of international investment banking. And in the same month Morgan Stanley made Richard Chen and Jing Qian co-heads of China investment banking. Hong Kong and China are becoming more important talent battle grounds for investment banks keen to hire deal makers who can help Chinese companies make overseas acquisitions.
Founder Securities investigation highlights the challenges that investment banks face in China. (Reuters)
Junk bonds create headache for Singapore private bankers. (Bloomberg)
Why international investors aren’t yet keen on Shanghai-Hong Kong stock connect. (South China Morning Post)
Deutsche Bank publishes report on Chinese economy, predicts 6.8% growth in first half. (Shanghai Daily)
ICBC reaches yuan-clearing landmark in Singapore. (Straits Times)
ING Vysya Bank staff set to strike. (Economic Times)