Michel Macagno has been promoted from his role as head of SG in Australia to a newly created position of head of Asia Pacific corporate and investment banking at SG. Macagno will be based in Hong Kong and will define the group's new strategy from there.

"We will build upon our industry knowledge and skills in derivatives, securitization, project finance, equity corporate finance and commodity ...to create value for our custoers," he says.

Capitalizing on niches is something that SG has long been known for and the bank is at the very top in each area on which it focuses. Melding these disparate fields of excellence into a unified whole will be Macagnoo's main challenge. His new position will report straight to the executive committee of SG in Paris showing how serious the firm is about getting it right in Asia.

Macagno is an old hand within SG having joined the bank in 1980. He has worked in project finance, structured finance, commodities and capital markets and this broad peregrination through the various areas of the bank should help him in his new task.