UBS Warburg tweaks debt operations

UBS Warburg lures Philip Tsao from Goldman Sachs to replace Joonkee Hong as co-head of debt capital markets and head of investor fixed income derivatives distribution.

Joonkee Hong, UBS Warburg's mild mannered co-head of DCM is leaving Asia to become the bank's global head of emerging markets derivatives marketing. It has been a rapid ascent for the native Korean, who joined the bank in 1995 to run the rates group in Seoul, before transferring to Hong Kong after the Asian crisis to run the derivatives side of the debt business alongside co-head Paddy O'Brien, who oversees the primary bond business.

Based in Stamford, Connecticut, Hong will now report to Raphael Geys, global head of fixed income derivatives marketing. He will still oversee the Asian business, as well as Europe and Latin America, where he has been tasked with expanding the bank's...

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