UBS is said to name Tsang as Asia tech head

By BLOOMBERG

HONG KONG • UBS Group AG has named Patrick Tsang as head of telecommunications, media and technology (TMT) investment banking for Asia Pacific, according to people with knowledge of the matter.

Tsang, a Hong Kong-based MD for the Swiss bank, is replacing Randy Gelber, who is leaving to pursue other opportunities, the people said, asking not to be identified because the matter is private.

Gelber joined UBS from SMBC Nikko in 2017. Tsang has been with UBS since 2004, according to his LinkedIn profile. A representative for UBS declined to comment.

The volume of deals involving TMT companies in the Asia-Pacific region has declined 7% in the past 12 months, compared to a year earlier, according to data compiled by Bloomberg.

UBS reduced the 2018 bonus pool for its investment bankers in Asia by about 8% after a slump in equity offerings last quarter hurt fees, with MDs being the hardest hit, people familiar with the matter said last month. That came as the bank confronted one of its worst first quarters in recent history, with CEO Sergio Ermotti saying hiring will slow down and cost cuts will deepen by about US$300 million (RM1.23 billion).

In Hong Kong, UBS this month agreed to pay HK$375 million (RM187.5 million) to settle a case brought by the authorities relating to its work on initial public offerings (IPOs) in the city. The bank will also be banned from sponsoring IPOs for 12 months, according to the Securities and Futures Commission. — Bloomberg