Credit Suisse has appointed Joss Fisher as its new head of equity syndicate for non-Japan Asia, following the departure of Ross Baildon at the end of April. Fisher, who was previously head of ECM distribution in Asia-Pacific, has been filling in on the syndicate desk since Baildon left and was formally named his successor at the end of last week.
Aside from his actual work on the syndicate desk during the past month, Fisher brings a lot of sales experience and client relationships to his new job. After joining Credit Suisse in 2004, he ran the Hong Kong equity sales desk for five years before moving on to his most recent role as head of ECM distribution for equity sales, which effectively meant that he bridged the gap between sales and ECM in terms of selling/syndicating to investors. And before joining Credit Suisse he was an executive director in the Asian equity sales team at UBS.
He will report to Joe Reece, the firm’s global head of ECM, and Ali Naqvi, head of equities for Asia-Pacific, and will become a member of the equity capital markets operating committee. He will also keep his current seat on the Asia-Pacific equity management committee.
Credit Suisse has worked on several high-profile IPOs in the region this year, including Shanghai Pharmaceuticals’ $2 billion listing, which ranks as the largest Hong Kong IPO year-to-date, and Glencore International’s $10 billion dual listing in London and Hong Kong (just over 6% of the shares went to Hong Kong), which is the largest IPO in the world this year.
Credit Suisse is also mandated on some of the key deals scheduled for later this year or early 2012, such as the spin-off of Chow Tai Fook’s jewellery business, which is expected to raise about $4 billion; the dual A- and H-share IPO of China Guangfa Bank, which should fetch at least $5 billion; and the US listing of Chinese retailer Vancl.com. The latter is expected to raise between $750 million and $1 billion in the fourth quarter and could exceed Renren.com (which Credit Suisse also worked on) as the largest Chinese internet IPO in the US to date.
The bank currently ranks fourth on overall ECM in Asia, according to Dealogic, which is an improvement from its seventh position last year.
Baildon left Credit Suisse to become head of equity syndicate for Asia at UBS — a role that was previously held by Sam Kendall, who was promoted to head of Asia ECM in early April. Baildon joined Credit Suisse in 1998 and had been head of the equity syndicate desk for non-Japan Asia since April 2010 when he took over from Simon Aird, who relocated to London. Aird is now a senior managing director in the equity syndicate group focusing on Europe, Middle East and Africa.