Wallace quits HSBC to head M&A at Citi

Tou Chen Chang takes over as head of Asia-Pacific investment banking at HSBC.
Steven Wallace is set to join Citi as head of mergers and acquisitions for Asia-Pacific following his departure from HSBC, a source familiar with the hire said last night. The appointment isnÆt public at this moment as the bank has yet to announce it internally.

Earlier yesterday it emerged that Wallace had resigned from his job as head of investment banking for Asia-Pacific at HSBC. In a brief statement, HSBC said he will be replaced by Tou Chen Chang, who was previously head of Southeast Asian investment banking.

At Citi, Wallace will fill the position left vacant in April when Gordon Paterson moved across to Deutsche Bank to head up the M&A business there. He will report directly to Mark Renton, CitiÆs head of regional investment banking.

Wallace joined HSBC in 2004 as part of a wave of new hires engineered by John Studzinsky, the bankÆs new co-head of corporate, investment banking and markets, who had joined the firm the previous year. The hires were the first clear signs that HSBC was trying to beef up its investment banking business, which had been lagging the firmÆs commercial banking operations for years. Studzinsky has since left the firm.

Wallace came to HSBC from Goldman Sachs in London, where he was a managing director of the UK advisory group. He had also worked nine years at asset management firm Schroders in London.

Meanwhile, HSBCÆs new head of Asia-Pacific investment banking, Tou Chen Chang, will continue to be based in Singapore and report to Frank Slevin, the bankÆs head of global banking Asia-Pacific. Chang joined the UK-based bank in June 2004.

In the brief internal statement, Slevin noted that Chang has played a key role in developing HSBCÆs investment banking business and expressed confidence that he will continue to build the bankÆs franchise across the Asia-Pacific region in his new role.

Citi is seventh on the 2007 league table for announced M&A in Asia ex-Japan with $9.57 billion worth of transactions, while HSBC is tenth with $6.48 billion, according to Dealogic data. When looking at completed transactions, however, HSBC advances to sixth with $18.4 billion of advisory credits, while Citi doesnÆt make the top 10.
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