HONG KONG, May 12 (Reuters) - UBS Group AG has lost three senior investment bankers in Hong Kong, Thomson Reuters publication IFR reported on Friday, adding to the departures of senior bankers at the Swiss bank in Asia in recent months.
Cheng Wang has left as UBS deputy head of China and is due to join Morgan Stanley in August as vice chairman of investment banking in Asia Pacific, IFR reported.
Ding Xiaowen, who was co-head of corporate client solutions at UBS’ China subsidiary until recently before relocating to Hong Kong last year, has also left and is due to join Chinese brokerage firm Tianfeng Securities.
Frank Sun, who joined UBS in 2006 and was in the healthcare group of the investment banking team, has also left, as per the IFR report.
UBS has lost several senior bankers in the last few months.
Joseph Chee, one of UBS’ top dealmakers in Asia and was the go-to banker for Chinese state and private companies seeking to raise funds in Hong Kong and the United States, left in January to set up his own fund..
In December last year, Damien Brosnan, co-head of Asia ECM at UBS, left the bank only seven months after taking up that position.
UBS was a powerhouse in Asia equity capital markets and it, along with Goldman Sachs Group Inc, dominated the league tables from 2002. But in the past two years its performance has suffered as Chinese investment banks made inroads.
UBS, however, has also added several senior bankers to its ranks following recent departures, particularly in its equities division, IFR reported.
Daniel Murphy has joined as Asia Pacific head of equities sales and trading from JPMorgan, while Vikesh Kotecha and Stephane Petermann came on board as regional heads of equity derivatives and derivatives trading, respectively, it said. (Reporting by Thomas Blott and Yikun Wang; Writing by Sumeet Chatterjee; Editing by Amrutha Gayathri)