* Hanning takes over top advisory and financing role from
* Grounds remains as CEO for Australasia region
* UBS leads the pack in Australia investment banking
(Recasts, adds background on UBS structural changes)
HONG KONG, May 26 UBS AG has named
Matt Hanning to be head of corporate client solutions (CCS) in
the Asia-Pacific region, taking over the Swiss bank's top
advisory and financing role in the region from Australia-based
Matthew Grounds, according to an internal memo.
A UBS spokesman in Hong Kong confirmed the contents of the
Grounds will remain as UBS's chief executive for
Australasia, reporting to regional Chief Executive Chi-Won Yoon,
UBS said in the memo to staff obtained by Reuters on Monday.
UBS created the CCS division as part of a broader shake-up
of its investment bank in 2012, that saw the Swiss firm pull
back from fixed income trading and announce the cutting of 10,
The move saw UBS split its investment bank into two groups,
an investor client services division including the bank's
equities, foreign exchange, credit and rates trading units, and
the CCS division.
The corporate client solutions business houses UBS's merger
and acquisitions advisory business and the teams helping with
stock market listings, bond issues and other types of financing.
It allows the bank to focus its coverage of corporate
clients along regional rather than product-based lines, the bank
said at the time in a memo.
Hanning, who joined UBS in Hong Kong in 2006 and most
recently co-led the Asian investment banking business with David
Chin, will join the bank's investment banking executive
committee, UBS said in the memo.
Grounds was instrumental in negotiating a unique bonus
protection deal for UBS's top Australia investment banking team,
although he himself did not participate, Reuters reported in
UBS has consistently been a standout performer in Australia
since 2008, topping league tables for estimated investment
banking fees earned and working with clients including
billionaire James Packer, Seven Network magnate Kerry Stokes,
Commonwealth Bank of Australia, Telstra and fund manager AMP.
UBS on May 2 announced that former Barclays investment bank
chairman Ros Stephenson would become global chairman of CCS, as
well as heading the division in the Americas.
(Reporting by Lawrence White; Writing by Lawrence White and
Elzio Barreto Editing by Matt Driskill)