UBS Said to Weigh Chee, Beniwal as Asia Investment-Banking Heads

Joseph Chee
Joseph Chee, head of global capital markets at UBS AG. Photographer: Jerome Favre/Bloomberg

UBS Group AG is considering naming Joseph Chee and Saurabh Beniwal as co-heads of Asia investment banking to fill a role soon to be vacated by David Chin, people familiar with the matter said.

Chee, head of global capital markets for Asia, and Beniwal, who runs Southeast Asia investment banking, will oversee the corporate-client solutions unit for Asia, the people said, asking not to be identified pending a final decision and internal approvals.

Chin, who is retiring after 21 years at the Swiss investment bank, plans to take an academic break and isn’t joining a competitor, one of the people said. He became Asia head of corporate-client solutions last year as Matthew Hanning took on the same role for the wider Asia-Pacific region. Chee and Beniwal would report to Hanning in their new roles, the people said.

The corporate-client solutions group is responsible for mergers advisory, capital markets and financing for companies, financial institutions and private-equity firms.

The business came into being after UBS said in November 2012 that it would split its investment bank into two groups. The second unit -- investor client services -- encompasses trading and research in equities, foreign exchange, precious metals, rates and credit.

Rob Stewart, a UBS spokesman in Hong Kong, declined to comment on the potential appointments.

Chee, 43, was made co-head of global capital markets for Asia in 2010 and was involved in helping UBS set up its Chinese securities venture in 2006. He was put on leave in February last year amid an internal review into the hiring of a banker linked to China’s Tianhe Chemical Group, and returned to work the following month, people with knowledge of the matter said at the time.

Beniwal was put in charge of Southeast Asia investment banking in June 2013, and was former head of technology, media and telecommunications for Asia excluding Japan. Both of them joined UBS in 2000 in Hong Kong.

Hanning will chair the bank’s China management committee, which oversees UBS’s domestic and international business in the country, according to a memo on May 8.

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