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Bloomberg
UBS Group AG is beefing up the ranks of senior executives at its securities joint venture in China after taking majority control late last year, hiring five managing directors for the investment banking business, said a person with knowledge of the matter.
Shen Dehua, most recently investment banking head of HSBC Holdings Plc’s Qianhai securities venture, joined UBS Securities Co. as vice chairman for Asia, people with knowledge of the matter said, asking not to be named has the appointment hasn’t been announced. The UBS joint ven- ture also hired Eric Zhang from a private equity arm of China Merchants Bank Co.
to run its Shanghai office, according to the people.
UBS and some of its biggest competitors are ramping up expansion in China after regulators allowed them to take 51 percent stakes in local securities ventures.
Majority control gives international firms more influence over strategy, just as officials add new trading venues and loosen a range of regulatory restrictions in a bid to foster a more market-based system.
UBS Securities is in talks to hire three more managing directors for its investment banking business, one of the people said, declining to name them as the discussions are at an early stage. Once those hires are completed, the business will have about a dozen employees at that level, according to the person.