SINGAPORE, Nov 22 (IFR) - Patrick Liu, co-head of UBS’s Asia debt financing group, and Paul Au, its co-head of credit market syndicate for Asia ex-Japan, have both left the bank, effective Monday.
Liu was co-head with Deepak Dangayach, after the debt financing group was created in March this year to bring UBS’s bonds and loans businesses together, while Au was co-head with Rahul Kotwal.
Liu and Au were formerly co-heads of Asia DCM. Before joining UBS, Au was Asia syndicate head at Citigroup.
Sources close to the situation said the UBS syndicate role would be filled, but it was yet to be decided what would happen to Liu’s role. UBS is not expected to withdraw from any parts of the DCM primary business in Asia, said the sources.
Sam Kendall took over as head of corporate client solutions, UBS’s name for its investment banking business, in Asia Pacific in July and there has been a push towards integration and collaboration across business lines.
The bank has also hired in sales and trading, both for investment-grade and high-yield bonds, in Hong Kong in recent months.
A spokesman for UBS confirmed the departures but declined to comment further. (Reporting by Daniel Stanton; Editing by Vincent Baby)