HONG KONG (Reuters) - Barclays PLC has named Patrick Kwan and Reid Marsh as co-heads of Asia Pacific investment banking, according to an internal memo, taking over a unit hit by a string of senior departures earlier this year as the British lender scales back its global investment banking operations.
Andrew Jones, interim head of investment banking in Asia Pacific, will step down from that position to focus on his other role as co-chief executive of Barclays’ business in the region, according to the internal memo seen by Reuters on Monday.
David Campbell will take over from Kwan as interim head of distribution for the Asia Pacific region, the British bank said in a separate memo. That role involves sales of financial products, including stocks and bonds, to the bank’s clients in the region.
Samson Yip has been named head of North Asia distribution, the bank said, reporting to Campbell. Meanwhile Jeffrey Juan will take on a new role that involves overseeing sales of all the bank’s equity derivatives products in the region excluding Japan.
A spokesman for Barclays confirmed the contents of both memos.
Reuters reported Marsh’s appointment as Asia Pacific investment banking co-head last week. He is based in London and will relocate to Hong Kong to take up his new post.
Kwan, currently head of global finance and risk solutions for Asia-Pacific, and head of distribution in the region, joined Barclays in 2001.
Barclays has changed most of its top Asia Pacific banking management this year amid a global drive to shrink its investment bank. Previous Asia Pacific investment banking head Matthew Ginsburg left in May, following the retirement of regional chairman and chief executive Robert Morrice earlier that month.
Asia Pacific head of corporate finance Johan Leven and Asia Pacific head of financial institutions group Helge Weiner-Trapness left at the end of May.. Barclays’ top mergers and acquisitions banker in the region, Jason Rynbeck, also left the bank for a role at HSBC that month.
Reporting by Lawrence White; Editing by Paul Tait and Kenneth Maxwell
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