UBS AG hired Keith Magnus from Merrill Lynch to run the Swiss bank's Singapore and Malaysia investment banking team, according to a person familiar with the situation, the latest blow to Bank of America Corp.'s efforts to keep its Asia investment banking team intact.
Singapore is a key market for investment banks in Asia.
The city-state is home to two of the world's most important state-owned investment firms, Temasek Holdings Pte. Ltd. and Government of Singapore Investment Corp. Singapore's equity market has stood out for investment banking activity this year as local firms launched rights issues to strengthen their balance sheets.
Mr. Magnus has advised on a number of those deals in recent months, including a rights issue totaling 1.84 billion Singapore dollars (about $1.28 billion) for Singaporean property developer CapitaLand Ltd.
Bank of America has lost several key Merrill bankers in recent months. They include its regional head of mergers and acquisitions, Kalpana Desai, and senior China banker Margaret Ren. One former Merrill banker, Sheldon Trainer, has won mandates from some of Merrill's clients in the region for his own boutique firm, PacBridge Partners Ltd.
The city-state is home to two of the world's most important state-owned investment firms, Temasek Holdings Pte. Ltd. and Government of Singapore Investment Corp. Singapore's equity market has stood out for investment banking activity this year as local firms launched rights issues to strengthen their balance sheets.
Mr. Magnus has advised on a number of those deals in recent months, including a rights issue totaling 1.84 billion Singapore dollars (about $1.28 billion) for Singaporean property developer CapitaLand Ltd.
Bank of America has lost several key Merrill bankers in recent months. They include its regional head of mergers and acquisitions, Kalpana Desai, and senior China banker Margaret Ren. One former Merrill banker, Sheldon Trainer, has won mandates from some of Merrill's clients in the region for his own boutique firm, PacBridge Partners Ltd.
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