Hong Kong Oct 5 Maquarie Group Ltd's
head of Asia investment banking Kalpana Desai will leave the
firm in April, Bloomberg reported on Friday, citing an internal
Alex Harvey, CEO of Macquarie's Asian operations, will take
over Desai's duties as head of the firm's investment banking
unit Macquarie Capital Asia.
Desai leaves Macquarie Group at a time when the firm is
struggling amid a wider industry downturn. Revenues from the
investment banking unit that Desai headed have been hit by
reduced deal activity in equities and M&A.
In July the bank said its trading unit, Macquarie
Securities, could post a loss for the year in a business
environment that CEO Nicholas Moore said "feels like a drought."
Desai joined Macquarie from Merrill Lynch in October 2009,
where she last headed the U.S. firm's Asian M&A business.
She will leave the bank to spend more time with her family,
the memo said.
Fiona McDonald, a spokeswoman for Macquarie Group, declined
(Reporting by Lawrence White; Editing by Ryan Woo)