Newsmaker

UBS Asia investment banking chairman resigns

(Agencies)
Updated: 2010-07-02 16:11

UBS AG Asia investment banking chairman Henry Cai has resigned, the company said on Thursday.

Henry Cai

David Chin, Asia-Pacific co-head of investment banking at UBS AG, will serve as the Swiss bank's interim head of China investment banking, after high-profile dealmaker Henry Cai quit.

A memo seen by Reuters on Friday said Chin would replace Cai, who requested a leave of absence after being with UBS for four years. Cai's resignation takes the number of high-profile exits from UBS's Asian operations to three in the past two months.

In May, Steven Barg, head of global capital markets for Asia resigned to join Goldman Sachs in Asia as co-head of ECM. In the same month, Mark Williams, head of UBS Asia equity capital markets, resigned to join Japanese brokerage Nomura Holdings.

Cai joined UBS in March 2006 as chairman of UBS Investment Banking, China. Before that, Cai, a Shanghainese, was co-head of Investment Banking, Asia, at BNP Paribas Peregrine.

It was not clear what Cai's next career move would be.

UBS's domestic China business, which includes the local capital markets franchise UBS Securities, is led by Zhao Ju, who succeeded Cai as chairman of China investment banking when he was promoted to the wider Asia role last year.