The regional hiring spree at Macquarie continues with the appointment of Stephen CuUnjieng as managing director for Asia corporate finance in the Philippines. The move represents the bank's second large hire in the Philippines following its appointment of Alex Pomento as head of research this August.

In landing CuUnjieng, Macquarie picks up an 18-year veteran who has a wide range of Philippines-related experience.

In the late 1990s, he worked a four-year stretch with Merrill Lynch. Posts included head of power and energy investment banking for Asia and head of investment banking for the Philippines. His tenure at the US investment bank covered positions in Manila, Hong Kong and Singapore.

Before landing at Merrill, he was employed by Salomon Brothers for two years as investment banking head for the Philippines, with a secondary focus on Indonesia. His experience also extends to Morgan Grenfell Asia where he was director and investment banking head for the Philippines and also to PCI Bank Manila and American Express Bank in New York.

Recently he was treasurer and head of funding and financial strategy for internet corporation Mediacenters Inc. and a director of the Bank of America Entrepreneurial Center at Old Dominion University in Virginia.

Commenting on CuUnjieng's appointment, Macquarie's Asia head of corporate finance, Andrew Low, states, "Macquarie is committed to being a market leader in the Philippines and Stephen's appointment, together with the acquisition of the ING Asian cash equities business and the recent appointment of Alex Pomento is already showing strong dividends for us in that rapidly re-emerging market."

An added boon occured for Macquarie in the Philippines last week as the bank was appointed by DMCI to manage an equity issue by Semirara Mining Corporation.