People News - BofA, C Suisse, Morgan Stanley, MUFG, BlackRock, Nikko

For Hire

Bank of America has hired Richard Yacenda from Deutsche Bank as chief operating officer for Asia-Pacific, according to a memo obtained by Bloomberg News.

Yacenda will join at the end of May and be based in Hong Kong.

In the meantime, Bloomberg reports that Dumith Fernando, Credit Suisse’s chief operating officer for the Asia-Pacific region, is leaving, two people with knowledge of the matter said.

Andrew Morgan, global head of tax and chief financial officer for Asia-Pacific, will assume Fernando’s role immediately, the people said, asking not to be identified because the departure hasn’t been publicly announced. Morgan will have the COO title in addition to his current responsibilities, the people said.

And the news organisation also reports that Morgan Stanley’s head of Middle East equity sales and trading, Fahmi Alghussein, left to join Dubai-based HK Advisory Services Ltd. after the Wall Street firm shifted equity jobs from the U.A.E. to Saudi Arabia.

Alghussein, who worked at New York-based Morgan Stanley for more than five years, confirmed his departure by phone today and said he left the bank two weeks ago to seek a new challenge. A Morgan Stanley spokesman declined to comment.

Reuters reports that Japan's Mitsubishi UFJ Financial Group said Nobuyuki Hirano, chief of its core banking unit, will become company president -- a move that comes at time when Japanese banks are under pressure to expand further overseas, particularly in investment banking.

Hirano, 61, will replace Katsunori Nagayasu, whose tenure was marked by large-scale acquisitions in the wake of the global financial crisis.

Bloomberg reports that BlackRock, seeking to improve performance at actively run products, replaced five portfolio managers at funds including those that invest in small-company stocks and energy.

Natural resources funds including the $773m BlackRock Energy and Resources Portfolio and the $384m BlackRock All-Cap Energy and Resources Portfolio will be managed by Robin Batchelor and Poppy Allonby, according to a filing yesterday by the New York-based company with the U.S. Securities and Exchange Commission. The funds were previously managed by Denis Walsh and Daniel Neumann, who took over after former manager Daniel Rice said in June he was stepping down to avoid the appearance of a conflict of interest.

Finally, Bloomberg reports that Nikko Asset Management Co. plans to hire money managers in key markets like China and Southeast Asia at a time of record inflows into emerging markets, boosting headcount as European and U.S. banks contract.

The biggest Asia-based fund manager is keen to add specialists in equity, fixed-income and alternative investments after buying competitors in Singapore and Australia over the past two years, according to Yu-Ming Wang, chief investment officer for markets outside Japan. He declined to say how many people would be taken on by Nikko, whose assets under management jumped 51 percent since the height of the global financial crisis in March 2009 to $154 billion at end-2012.

BofA Hires Yacenda From Deutsche Bank as Asia-Pacific COO

Credit Suisse Asia COO Dumith Fernando Said to Leave Bank

Morgan Stanley Middle East Equity Chief Joins Dubai Boutique HK

MUFG names Hirano, soft-spoken but tough negotiator, as president

BlackRock Replaces Equity Managers to Boost Performance

Nikko Hiring in Asia as Assets Surge 51% Since Crisis, CIO Says



JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts