Heidi Yang joins as a managing director and head of DeutscheÆs corporate advisory group for Asia, reporting to Alex Manson who is head of global banking coverage for Asia-Pacific. Yang was previously head of the Greater China corporate finance group at UBS.
Accompanying her from UBS are Danny Lee and Johnson Ngie, who come on board as directors in the same corporate advisory group. All three have already completed their gardening leaves and the appointments are immediate.
ôThese important hires add considerable experience to our execution function in Greater China and come at a time when local clients are looking for innovative funding and advisory solutions given the high level of volatility we are seeing in markets,ö says Manson in a written statement announcing the new hires.
This ECM-focused trio is the latest in a string of investment bankers to leave UBS in Asia this year to seek out opportunities elsewhere. The Swiss bank cut close to 1,700 jobs within investment banking globally in the second quarter as it tried to counter its subprime-induced losses and there have been repeated rumours that the bank is looking to sell the investment banking unit altogether.
However, UBS remains in the top three in the overall ECM league table ranking for Asia ex-Japan this year, behind Citi and Credit Suisse. Deutsche Bank is sixth in the overall tables, but tops the IPO ranking, much thanks to the listing of Macau casino giant SJM, which it led on a sole basis. The German bank has also been involved in the IPOs of Indonesian coal miner Indika, IndiaÆs Indiabulls Property Investment Trust and Chinese hotpot restaurant chain Little Sheep, among others.
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