Citigroup has appointed Kenneth Leung to take charge of the bank’s financial sponsor coverage in China, replacing former head Victor Yuan, according to an internal memo seen by FinanceAsia.
Leung, who is now co-head of Asia-Pacific real estate and lodging, will take on a role that is increasingly important, covering private equity and hedge funds in China amid surging capital market activities as well as Chinese cross-border merger-and-acquisition activity.
The memo was co-signed by Mark Slaughter, head of Asia-Pacific corporate and investment banking (CIB), and Greater China CIB head Chris Laskowski.
“[Leung’s] experience covering the real estate arms of various financial sponsors, as well as large Chinese private sector and state-owned enterprises, will be instrumental in enhancing our coverage effort,” the memo said.
Leung will be a member of the bank’s Asia-Pacific financial sponsor coverage team, also known as internally as its alternative asset group.
He is taking over the role from Yuan, who will be returning to the US covering West Coast financial sponsors for Citi.
Yuan covered global and US-based private equity firms and other alternative asset managers in New York from 2003 until he took up the role in China in March 2011.