Hung promoted to head wealth management at Merrill

In an internal memo sighted by FinanceAsia, Merrill Lynch announces that Antony Hung has been appointed as the firm's head of Pacific Rim wealth management. Hung will report to Bob McCann, vice chairman and president of global wealth management, and Jason Brand, senior vice-president and president of the Pacific Rim.

Hung will stay in Hong Kong and remain in his post as head of fixed-income, currencies and commodities (FICC) for the Pacific Rim until a replacement is announced. In that role he has been responsible for all sales, trading, liability management and structuring of fixed-income, currencies and commodities products, as well as principal investments in the region. Perhaps more telling of his importance to the firm, he has overseen a five-fold increase in revenue in three years.

Hung joined Merrill Lynch in 1993 in fixed-income sales, covering Greater China. Since then he has taken on more senior roles with increasing responsibility, including head of the Asia-Pacific Rim debt investor client group, head of the region's debt issuer client group and head of Asia-Pacific Rim's debt markets.

He continues to serve as a member of the Pacific Rim operating committee and will join the global wealth management executive committee.