UBS promotes Mackay to head Asian ECM origination

Abstract

UBS has promoted Stuart Mackay to be its new head of equity capital markets (ECM) origination in Asia ex-China, filling the hole left by the recently-departed Mark Williams. Mackay, who only joined the Swiss bank last September, was formerly the head of equity syndicate for Asia. UBS is also relocating Sam Kendall from London to Hong Kong to become its new head of equity syndicate for the region. He will retain his current position as global head of block origination.

Note: The Swiss bank has appointed Stuart Mackay as head of equity capital markets origination in Asia ex-China. He replaces Mark Williams, who resigned last week to join Nomura. Sam Kendall will also return to Hong Kong from London to become head of ECM syndicate.

UBS has promoted Stuart Mackay to be its new head of equity capital markets (ECM) origination in Asia ex-China, filling the hole left by the recently-departed Mark Williams.

Mackay, who only joined the Swiss bank last September, was formerly the head of equity syndicate for Asia. He effectively replaces Williams, who quit as head of Asia ECM to join Nomura last week ( see story ).

UBS is also relocating Sam Kendall from London to Hong Kong to become its new head of equity syndicate for the region. He will retain his current position as global head of block origination.

Both Mackay and Kendall will report to Steven Barg, head of global capital markets in Asia, according to an internal memo seen by asiamoney.com.

"UBS tend to promote from within to fill voids and these appointments aren't that much of a surprise," said one senior industry source. "They've done the right thing in moving swiftly to replace the gap in leadership at the top of their ECM business and I don't think it's going to change anything. UBS are an absolute machine when it comes to ECM in Asia."

UBS's ECM origination for China will continue to be managed by Joseph Chee, the bank's head of China global capital markets.

Mackay has more than 15 years of experience in investment banking and capital markets, previously working for Goldman Sachs and Lazard. He joined UBS last September after James Fleming was transferred to New York to become head of syndicate for the Americas.

Kendall only moved to London from Hong Kong in May 2009 to become head of equity syndicate for Europe, the Middle East and Africa as well as global head of blocks. A veteran of the Swiss bank, he joined in 1996 and previously worked in Hong Kong between 2006 and last year.

"UBS ECM has an exceptionally deep bench of talent enabling the firm to promote from within," the memo said. "We are confident that Sam and Stuart's experience and proven leadership qualities will ensure that the team will continue to distinguish itself as one of the best in Asia."

Williams is not the only high profile ECM banker to have left UBS this year. In March Sutha Kandiah, its other co-head of ECM, quit to join Religare Enterprises. He was joined by Rob Flynn, a former head of Asian equities trading for UBS who quit in 2008, in the same month.

Despite these losses the Swiss bank has maintained its dominance of regional ECM activity. UBS is the top-ranked bookrunner for ECM so far this year, according to data provider Dealogic, having helped arrange 23 deals worth a total US$4.94 billion so far.

Last year it was also the most prolific equity arranger last year, participating in 59 deals that raised a combined US$14.5 billion.