Zac Rosenberg has left CIBC World Markets and joined Fox-Pitt Kelton (FPK) as its head of equity capital markets (ECM) for Asia. He will be based in Hong Kong and will report to Chris Appleton, the head of Asian equities based in Hong Kong, as well as Hank Erbe, the global head of ECM who sits in New York.
Says Rosenberg, "While at CIBC, I consistently received positive feedback from other dealers and corporate clients about FPK, particularly with regard to its research product and performance in FIG-related deals. Hence, I was immediately attracted when apporached by FPK.
"The firm has done a great job differentiating itself in what is a very competitive landscape," he adds. "As the only global specialist covering the FIG sector, FPK has successfully grown its business employing quality people with an intimate knowledge of the FIG sector."
FPK is the only specialist financial services investment bank in the world. Owned by Swiss Re, it focuses on equity research, equity capital markets and corporate finance.
At CIBC, Rosenberg was most recently executive director of the global investment banking group and head of ECM syndicate. He joined the firm in 1998, firstly in the leveraged finance group in London, before moving to Singapore to be in the telecom, media and technology group. He moved to Hong Kong to take his previous role in 2002.
"It's a great pleasure to have Zac with us," says Erbe. "He has built up a considerable reputation for ECM expertise in the Asian market, which is an increasingly important source of growth for FPK. We're sure he will play a major part in expanding our business there as well as strengthening FPK's unique global franchise in the financial sector."
In recent years FPK has had co-lead manager positions on some of the major FIG deals in the region including the IPOs of China Life, PICC, Ping An, Dah Sing, BRI and Bank Mandiri and the follow on for Shinsei. While this will still be a core focus, the firm is looking to increase the breadth of clientele to include small-mid cap names in the traditional FIG space, as well as looking at opportunities in the non-traditional FIG space such as financial technology, exchanges and brokerages.
"For the most part, the Asian market is 10 years or more behind Europe and the US," says Rosenberg. "Asian FIG clients will be consistent issuers of capital in the coming years, driven both by strong regional macro-economic growth, as well by a move to capital and risk models akin to those adopted in overseas markets. Foreign strategic investors will also continue to access the Asian FIG market seeking to capture some of this growth, which should in turn improve operating standards and help ignite the much needed consolidation in the sector. I am convinced that Fox-Pitt will play an important role in helping to facilitate this change in market dynamics."
The firm is planning to add more bankers to the ECM team in coming months. The firm will also seek to strengthen its links with other dealers in the region.