Philip Partnow, a managing director within UBS' China mergers and acquisitions team, and Shaun Treacy, a managing director and co-head of Asia general industries, have both left the Swiss bank.
Steven Drake, who was previously co-head of Asia general industries with Treacy, is now sole head of Asia general industries.
According to a source familiar with the matter, the departures were not related and there are no immediate plans to replace them. Both senior bankers left UBS after bonuses were paid out and the source added that it is unlikely that they are headed to rival banks.
A UBS spokesman declined to comment on the departures but said the bank's headcount in investment banking in Asia is up compared with the previous year.
Partnow, who re-located to Hong Kong last year, was previously head of China M&A at UBS and also helped to establish UBS Securities’ China venture in 2006. The venture has been a successful one -- UBS is one of two foreign banks, the other being Goldman Sachs, with effective control over its Chinese unit.
Based on Dealogic data, the bank is ranked 11th so far this year in the China equity capital market league table, falling back from second place in 2013. For China debt capital market league tables, it is ranked ninth but is nonetheless the foreign bank with the biggest market share, followed by HSBC. The league tables include both onshore and offshore deals.
On M&A league tables, the Swiss bank is placed 12th year-to-date, falling from the fourth position in 2013, according to Dealogic.
Treacy was previously global co-head of natural resources and power at Nomura and was part of the team that advised Xstrata on Glencore's takeover. He joined UBS in 2012 and was a former Lehman Brothers banker.
