HONG KONG: Former asset management head of Credit Suisse in Asia Pacific, Min Huang, is leaving UBS as the bank embarks on reviewing its China business post global leadership changes, three sources with knowledge of the matter said.
Huang was appointed China client coverage head for UBS Asset Management in June last year when the Swiss banking giant unveiled regional leaders.
UBS declined to comment and Huang did not immediately respond to Reuters request for comment.
The departure of Huang comes as UBS reviews its China setup amid a global leadership change and as it consolidates senior-rank managers in asset management in the market, said the sources who declined to be named as the information is confidential.
Prior to taking up the senior role under UBS in China, Huang was the top boss heading Credit Suisse’s asset management business in Asia Pacific.
UBS says it is determined to grow in a $9.7 trillion China asset management market.
The bank has “a huge opportunity” to expand its business across investment banking, wealth management and asset management in China, Eugene Qian, China country head of UBS said earlier this month.
The bank has yet to make clear its asset management growth roadmap in China. UBS had to shelf a plan to set up a new China fund unit, Reuters reported last July.
The banking giant on Wednesday appointed insider Aleksandar Ivanovic as the new global head of its $1.6 trillion asset management business, taking over in March from incumbent president Suni Harford after she retires.
Ivanovic will be running a key UBS division – which generated 6.5 percent of UBS’s revenues in the third quarter of 2023 – but one that is much smaller than its wealth management business, which contributed 50 percent of UBS’s revenues in that quarter.
UBS was pushed into a takeover of its arch-rival Credit Suisse in March last year in a $3.46 billion rescue deal. The following integration process is a multi-year task involving thousands of job losses.