Hong Kong, Oct 5 (Reuters) - Maquarie Group Ltd’s head of Asia investment banking Kalpana Desai will leave the firm in April, Bloomberg reported on Friday, citing an internal memo.
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 to comment. (Reporting by Lawrence White; Editing by Ryan Woo)