HONG KONG, March 3 (IFR) - UBS has hired Deepak Dangayach as co-head of a newly created Asia debt financing group, according to sources and an internal announcement.
Dangayach, who joins after 11 years at Deutsche Bank, will start in mid-April and work alongside fellow co-head Patrick Liu. The debt financing group combines UBS’s bonds and loans origination teams, covering DCM cash, DCM derivatives, special situations and structured financing (collectively called DCMCS) and leveraged finance.
Both Dangayach and Liu will be based in Hong Kong and report to Joseph Chee and Saurabh Beniwal, the co-heads of corporate client solutions.
The duo will also report to Gaetano Bassolino, who runs DCMCS in Asia Pacific and relocated to Hong Kong in November.
“The impetus behind the move to integrate the debt-origination teams into the Asia debt financing group is the growth opportunity for the business coming from within the corporate clients segment, as well as the wealth-management client set,” said Beniwal.
“There is a growing interest for bespoke financing solutions and an increasing crossover between traditional DCM and loan-market-only clients that we are looking to capitalise on. The move also is part of our commitment to attracting talent into the business from within and outside the firm.”
Dangayach and Liu will be responsible for debt origination across Asia (ex-Japan, ex-Australia) with support from about 30 other colleagues, who would either be directly responsible for that activity or assist the function.
Liu has been with UBS for six years, while Dangayach joins from Deutsche Bank where he was the head of high yield and leveraged debt capital markets, Asia. Dangayach left the German bank in January.
The UBS move to integrate its debt-origination teams also means a change in the responsibilities for Paul Au, who will head credit market syndicate for Asia (ex-Japan). Au was previously responsible for debt capital markets and syndicate for Asia.
Meanwhile, Alexandra Kwong, who headed the syndicate for leveraged capital markets and special situations group, Asia (ex-Japan) has left UBS. She departed at the end of December after five-and-a-half years with the Swiss bank. (Reporting By Prakash Chakravarti; editing by Dharsan Singh)