Deutsche Bank's Hong Kong chief decamps for UBS in Singapore
UBS might still be knee-deep in its post-Credit Suisse restructuring, but that doesn’t mean the bank is adverse to hiring some of its rivals’ top salespeople.
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Philip Blenkiron joined UBS in Singapore last week to lead the firm’s Asian electronic futures and FX business, as well as to oversee voice execution and sales. He joined from Deutsche Bank, where he had spent 14 years as head of Asian execution sales, as a board member for DB Securities, and as the responsible officer and manager of the Hong Kong office, based out of Singapore.
Moving to UBS in APAC is an interesting choice these days. Although the bank said its strategies for Asia were “unchanged” by the Credit Suisse acquisition, and could even “accelerate the organic opportunity,” it has shuttered sales teams in the region – most recently, the Japanese cash equities sales desk. UBS' headcount in Mainland China has also halved in the last six years, although it is "on track" to fully own its local subsidiary.
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