Joonkee Hong, UBS Warburg's mild mannered co-head of DCM is leaving Asia to become the bank's global head of emerging markets derivatives marketing. It has been a rapid ascent for the native Korean, who joined the bank in 1995 to run the rates group in Seoul, before transferring to Hong Kong after the Asian crisis to run the derivatives side of the debt business alongside co-head Paddy O'Brien, who oversees the primary bond business.

Based in Stamford, Connecticut, Hong will now report to Raphael Geys, global head of fixed income derivatives marketing. He will still oversee the Asian business, as well as Europe and Latin America, where he has been tasked with expanding the bank's franchise

His replacement, Philip Tsao, is a longstanding Asian veteran who leaves Goldman Sachs after four years. Most recently, he covered Greater China, where he specialized in devising risk management strategies for Chinese and Taiwanese borrowers using derivatives and marketed structured notes. Prior to Goldman, Tsao was a vice president at Citibank, Hong Kong.

Based in Hong Kong, Tsao will be working closely with Deborah Ho, head of Asian distribution, Jang Ho Park, head of fixed income in Korea and Paddy O'Brien, his DCM co-head. He will report to Sharon Mitchell, head of fixed income for the Asia Pacific region and Hong in his new role as global head of emerging markets derivatives marketing.

Separately, UBS Warburg has also announced the appointment of Henry Kwon as an analyst in its Korean research team based in Seoul. Kwon, who will be responsible for the basic materials and automobile sectors, joins from San Francisco-based venture capital group, GeoFin.

Kwon's latest move is a return to the fold as he previously worked for the bank in 1997 as an associate director in the Korean research team. He will report to Seung-Hoon Lee, head of research at UBS Warburg in Korea.