Proof that even a downturn brings opportunities, global executive search firm DHR International has appointed May Tung as managing director of its financial services practice in Asia-Pacific. The hiring of Tung marks the Chicago-headquartered firm's first move into the financial services industry in this region - and it is clearly hoping to leverage the executive-level changes that have been taking place here.
Consider some of the more recent executive-level changes in the region: Robert Rankin recently left UBS, where he was head of investment banking for Asia-Pacific, for Deutsche Bank, while Matthew Ginsburg left his job as head of investment banking for Asia-Pacific at Morgan Stanley to join Barclays Capital. Some departures - for example Ajay Banga's exit from the role as Asia-Pacific CEO at Citi - have been filled by internal promotions, but there are clearly opportunities for executives in the region.
"We see our senior-level expansion into the financial services sector in Asia Pacific as timely," said DHR president Christine Greybe. "It underscores our practice strategy for this growing region, and May's admirable leadership qualities will translate into valuable support for our clients."
Tung will based out of the firm's regional headquarters in Hong Kong. Prior to joining DHR International, she was with Russell Reynolds Associates for more than five years, covering financial services companies throughout Asia. During her tenure, she was responsible for placing numerous C-level executives in the Asia financial world.
Before joining the executive search arena, Tung was a banker for more than 20 years. In 1994, while with Bank of America, she was transferred from New York to Hong Kong to become managing director, responsible for the Asian structured & export finance businesses. From BA Asia (Bank of America's Merchant Bank in Asia), she joined Credit Suisse First Boston as head of syndicated finance for Asia. Her latest banking position, before embarking on a headhunting career, was with Rabobank where she was the managing director responsible for structured finance and M&A products. Tung began her banking career in New York, where she spent more than 10 years at The First National Bank of Chicago (now J.P. Morgan Chase).
