Deutsche's veteran debt banker Patrick Tsang quits industry

After a banking career spanning 18 years, Patrick Tsang, head of Asia fixed income capital markets at Deutsche Bank, is leaving the industry. Tsang is taking time out and will be pursuing other more leisurely pursuits — such as honing his golf swing.

Herman Van den Wall Bake, who heads global risk syndicate for Asia, has taken on responsibility for the Asia fixed income capital markets business, though Tsang will be staying on during the summer to ensure a smooth transition.

After a long banking career, Tsang said he is looking forward to a break: “I am leaving to spend more time with my wife and twin boys, improve my golf handicap, and would also like to give back to society. I intend to join a local Hong Kong charitable foundation and put my banking background to good use.”

And, in this day and age, where bankers jump ship at the drop of a hat (or, rather, a guaranteed bonus) Tsang is something of a rarity — having worked at only two banks throughout his career. “I’ve been at Deutsche Bank for nine years and prior to that with Lehman Brothers for nine years. I’ve only worked at two banks in my whole life. I’ve very much enjoyed being part of this dynamic industry, if not I would not have stayed for 18 years,” he said.

Tsang took over the leveraged debt capital markets and DCM effort two years ago after the departure of Michael Luk, the firm’s former head of Asia fixed income capital markets and Asia leveraged debt capital markets. Since then, the group has expanded further into acquisition and loan financing, as well as regional local currency markets. Tsang has played an instrumental role in building Deutsche’s debt capital markets presence in the region — the firm has won a number of bond awards under his leadership — and he has also seen debt markets through different phases of growth.

“The debt business has changed over time,” said Tsang. “When I first started out at Deutsche, the market was dominated by quasi-sovereigns and frequent issuers. Then we saw the FIG wave — with banks in the region issuing subordinated capital — and then the high-yield wave. Now we see a wave of alternative currencies such as offshore renminbi.”

After a search that included both external and internal candidates, the bank has promoted internally — a move that is expected to help lend continuity to the business.

Van den Wall Bake, a veteran syndicate banker, started off his career in commercial banking in the Netherlands, and was a Eurobond trader in London. He subsequently spent time in syndication in New York as well as a stint in private equity. He came to Asia nine years ago with ABN Amro and joined Deutsche five years ago, and has been heading Deutsche’s global risk syndicate desk in Asia for the past four years.

“I have been working very closely with debt capital markets over the last 12 years and this feels like a natural progression,” said Van den Wall Bake. “I will bring a more markets-oriented perspective and a view that is representative of investors’ thoughts to the new role and hope to bring that experience over to issuers.”

In the meantime, Mark Whitcroft, a director of global risk syndicate, will be handling the day-to-day syndicate activity, while Van den Wall Bake serves a dual role as head of global risk syndicate for Asia and head of fixed income capital markets for Asia. The bank is expected to announce an internal replacement for Van den Wall Bake's global risk syndicate role during the next few weeks.