By Saeed Azhar and Michael Flaherty
SINGAPORE/HONG KONG, April 2 Standard Chartered
PLC has hired Peter Burnett from UBS AG as
its North East Asia head of corporate finance, beefing up its
senior leadership with another high-profile regional veteran of
the Swiss investment bank.
The hiring of Burnett, the Asia chairman of global capital
markets at UBS, comes less than two years after Standard
Chartered hired Mark Dowie. Dowie is Standard Chartered's global
head of corporate finance and a former UBS vice chairman of
Burnett and Dowie worked together at UBS in Hong Kong as
co-investment banking heads for Asia between 2000 and 2004.
Dowie later became vice chairman of investment banking at the
Swiss bank, leaving for London in 2004.
"I am greatly looking forward to working with Mark again,
especially in building on our past successes," Burnett told
Reuters in an email.
Dowie, a former British naval officer, left UBS that same
year to start his own boat repair and sales company. Burnett
moved on to another senior role at UBS in the Middle East in
2006. Shortly after selling the marine business, Dowie
re-entered banking, joining Standard Chartered in August 2011.
Burnett's hiring comes as Dowie aims to build the bank's M&A
advisory and ECM businesses.
Standard Chartered's corporate finance business model
differs from traditional investment banks that rely on more
heavily on equity capital market underwriting and mergers and
acquisitions advisory to earn the majority of its revenues.
The London-based bank, which does more than 80 percent of
its business in emerging markets such as Asia, leans more on its
core lending franchise.
Standard Chartered's corporate finance's operating income is
$2.22 billion, 40 percent of which comes from lending activities
around structured trade finance, leasing finance, asset-based
Burnett will start on April 8 and remain based in Hong Kong,
Standard Chartered said.