Published by AsianPrivateBanker – 16th April 2015
Few that have followed the fate of the team of UHNW bankers UBS hired from Morgan Stanley in 2011, will be surprised by the latest developments.
Harry Pang, a managing director and team leader for one of the bank’s UHNW China teams has resigned only months after fellow Morgan Stanley alum Peter Tung resigned as head of UHNW Greater China.
UBS’s hire of both Tung and Pang from rival Morgan Stanley in 2011 made the headlines for the seniority of the bankers involved. However, Tung was managed into what some saw as a diminished role in August 2014 as a senior relationship manager and client coverage, Greater China and resigned three months later.
Pang previously worked at Morgan Stanley as an executive director for nearly 14 years.
UBS had assets under management US$272.0 billion, according to this publication’s end-2014 AUM League Table.
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