James Fleming, UBS's head of equity syndicate in Asia, has been appointed head of equity capital markets (ECM) syndicate for the Americas, and will be leaving Asia later this year, according to an internal message to UBS staff.
He will be replaced by Stuart Mackay, who is transferring here from Europe. Mackay has 15 years of experience within investment banking and capital markets, having previously worked in both the US and Europe for Goldman Sachs and Lazard. He is currently in the process of applying for relevant Hong Kong licenses and will formally take up his position once they are in place.
Mackay will report to Sutha Kandiah and Mark Williams, the firm's joint heads of ECM for Asia.
Fleming's move to New York comes a few months after Sam Kendall transferred to London to become head of equity syndicate for Europe, the Middle East and Africa (EMEA). Fleming and Kendall were previously co-heads of equity syndicate for Asia, with Fleming taking on the sole responsibility when Kendall moved to London in late May.
In the internal announcement, UBS said Fleming's transfer marks a continuation of the bank's strategy of building a global, integrated syndicate function to enhance its competitive advantage in the distribution of primary equity products. The movement of key bankers, such as Kendall and Fleming, across regions also fits with UBS's efforts to offer a seamless service to important clients globally.
Fleming will remain in Hong Kong until Mackay gets his licenses to ensure there is a smooth transition. In New York, he will be reporting to Mary Ann Deignan.
Fleming joined UBS in London in 1999 as part of the European and Asian ECM team. In April 2006, he moved to Singapore to become head of Southeast Asian ECM before taking up the position as co-head of syndicate and blocks in March last year.
UBS is third in the ECM league tables for Asia ex-Japan this year, according to Dealogic, and has, together with Morgan Stanley, been one of the most active banks when it comes to follow-ons and blocks in Hong Kong-listed companies -- the busiest sector of the Asian ECM market this year. Among the deals it has been involved in this year are a $720 million placement of new and existing shares in underground shopping mall operator Renhe Commercial Holdings, which it led on a sole basis; and a $2.8 billion sell-down in China Construction Bank by Bank of America, which ranks as the largest ever block trade in Hong Kong.
The firm also helped arrange the $1.26 billion IPO for aluminium extrusion company China Zhongwang Holdings and the $786 million IPO for BBMG Corp, a supplier of building materials. It is currently building the books for pharmaceutical products distributor Sinopharm, which is seeking to raise up to $1.13 billion ahead of a Hong Kong listing later this month.
Outside Hong Kong, UBS was a joint bookrunner on a $575 million qualified institutional placement for Indian real estate developer Unites, which ranks as the largest follow-on in Asia this year.