UBS has appointed Ben Sung as head of its company guide for Southeast Asia, because it plans to develop its presence within the Asian non-public credit score market.
Sung was beforehand UBS’ co-head of debt capital markets in Asia. In his new position, he’ll handle UBS’s non-public credit score and structured lending for the area. His appointment has been confirmed by a UBS spokesperson.
Learn extra: Funding giants strengthen presence in Korea
UBS took over Credit score Suisse final yr, and its non-public markets enterprise has been in flux ever since. In October 2023, numerous Singapore-based bankers left Credit score Suisse’s APAC Financing Group, with experiences claiming that they had been involved that UBS wouldn’t focus as a lot on non-public credit score given its decrease threat urge for food.
Nevertheless, numerous asset managers have been ramping up their publicity to the Asian non-public credit score markets in current months. BNP Paribas lately appointed Amit Khandelwal from SC Lowy as a personal credit score director based mostly in Singapore.
Learn extra: CCAF founder appointed to FCA board
Earlier this yr, M&G Actual Property and Nuveen Personal Capital each made excessive profile new appointments with a view to increasing into Korea.
And late final yr, HSBC employed former Credit score Suisse banker Boomish Gopalakrishnan to guide the financial institution’s non-public credit score enterprise throughout Asia.
A KKR report lately highlighted Asia as a key progress space for personal credit score globally, stating that “the lion’s share of future international financial progress is anticipated to occur in APAC.
“Although public markets are evolving, we consider non-public credit score is best suited in the mean time to seize the dynamism of the area’s companies,” the KKR report stated.
Learn extra: BlackRock hires international co-heads of actual property
