Deutsche poaches Cheng for agency sec-lending
Deutsche Bank has hired Andrew Cheng from JP Morgan in the newly created role of Asia-Pacific head of agency securities lending (ASL), based in Hong Kong.
He reports to Fredrik Carstens, London-based co-head of ASL for Europe, the Middle East & Africa and Asia Pacific.
Deutsche set up the ASL desk in Hong Kong in the second quarter of 2012, with Greg Chamberlain as Asia Pacific head of ASL trading operations. Before Cheng's appointment, the ASL regional business was covered by the bank's Hong Kong and London desks, a spokeswoman says.
Cheng was Asia ex-Japan head of securities lending for client sales management at JP Morgan, and left in May after 16 years at the firm, according to his LinkedIn profile. His responsibilities have been absorbed by Stewart Cowan in JP Morgan’s Sydney branch, a spokeswoman says.
Cheng’s appointment is the latest for Deutsche Bank’s ASL business, which recently added three specialists for different geographies: Nigel Brill, in Dubai, focuses on the Middle East; London-based Stuart Thompson covers Scandinavia; and New York-based Guy Moritz oversees the Americas business.
Citi names new Asia commercial bank head
Citi has appointed Ashish Bajaj as Asia-Pacific head of its commercial bank, based in Hong Kong, to replace Gaurang Hattangdi, who becomes global head of product development for commercial banking.
Hattangdi will relocate to New York from Hong Kong later this year. His role was created so that Citi could focus on product development for small and mid-sized companies, mostly in supply-chain financing.
Bajaj has been with Citi for more than 26 years, most recently as Asia-Pacific head of relationship management of financial institutions. He has held a variety of roles at the bank in Hong Kong, Mumbai, New York and London.
Over 1,000 employees now report to Bajaj. He reports to Jonathan Larsen, Asia-Pacific head of consumer banking and global head of retail banking, and Sunil Garg, global head of Citi's commercial bank.
Axa IM adds to distribution team
Asset manager Axa Investment Managers has hired Samuel Hui in a newly created role as associate director in its fund distribution sales team.
Hui joined Axa IM, part of French insurer Axa Group, in June from Hong Kong fund house Value Partners, where was senior sales manager for nearly six years. He previously held similar positions at HSBC Global Asset Management and Invesco.
In his new role, Hui will target retail banks, independent financial advisers and insurance companies as part of Axa IM's efforts to expand distribution capabilities in the region. The firm has sales and investment offices in Hong Kong, Singapore, Tokyo, Beijing and Sydney.
Value Partners did not respond to requests for comment on whether Hui has been replaced.
Alvarez & Marsal hires two China directors
US corporate restructuring specialist Alvarez & Marsal has hired Yansong Xue and Bing Liu as directors in Beijing.
Xue previously held senior financial roles at a number of companies, most recently as chief financial officer at Yanjun Auto, one of China’s largest luxury car dealerships. Previously he was CFO at Sony Ericsson Mobile Communications China and sheet steel manufacturer Ryerson China, and he has also worked at manufacturer Procter & Gamble, Lucent Technologies and Whirlpool.
Before joining A&M, Liu was vice president of operations for technology company Technicolor Thompson, focused on Asia Pacific. He has also worked at Lucent Technologies and Motorola.
A&M's clients including private equity firms, corporate institutions, banks, law firms and distressed-asset investors. It has 40 executives working in Asia and opened its first Chinese office in Shanghai in 2007, followed by the Beijing branch in 2011.
Other people moves reported by AsianInvestor this week: