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UBS has poached a former Goldman Sachs superstar in Asia, Kenneth Kwok, from Deutsche Bank to sell products to the firm’s ultra-rich clients.Kwok is a veteran and hotshot of the Asian investment banking world, and was actually hired by Deutsche for a similar, newly-created role at the German bank in 2009.
His new role: president, Greater China for UBS’s investment banking unit.
At Goldman, where he was made a managing director in 2003, Kwok was head of corporate sales for Asia (excluding Japan) when he decamped to Deutsche.
And here’s why UBS probably paid the big bucks to get him: during his 17 years at Goldman, he had “the chance to work with a number of the region’s wealthiest families,” Finance Asia said.
There’s little else in the way of details about which families, but Kwok has been labelled a “hotshot” regularly in the Chinese business daily, The Standard:
Recently, paparazzi spotted him hob-knobbing with former hotshot Goldman Sachs banker Kenneth Kwok Tak-sing, amid market talk that he had sought Kwok’s help to raise hundreds of millions from the city’s tycoons – only to be rebuffed for a variety of reasons.
At UBS, where he begins in July, he’ll deliver the bank’s “full suite of products and services, with a focus on the investment bank’s products, to ultra-high-net-worth clients and, specifically, to those clients covered by the global family office that UBS recently created,” Finance Asia reports.
And the bank (if the internal memo announcing Kwok’s arrival is anything to go by) clearly thinks Kwok is the man: “The Greater China region is one that offers enormous market opportunities and business potential. Success in covering this region is critical to our franchise in Asia.”