By Saeed Azhar and Michael Flaherty
SINGAPORE/HONG KONG, April 2 (Reuters) - 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 investment banking.
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 financing.
Burnett will start on April 8 and remain based in Hong Kong, Standard Chartered said.