UBS (NYSE: UBS) announced on Thursday that it has hired former Morgan Stanley (NYSE: MS) executive Wei Cai as the company’s new head of investment banking in China and as vice chairman of Asia investment banking, according to an internal memo obtained by Bloomberg Business Week.
Cai most recently worked as head of the industrials and transportation group for the Asia-Pacific region at Morgan Stanley (NYSE: MS). Cai will lead UBS’ investment banking business in China along with Zhao Ju, the memo said.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. UBS AG is the parent company of the UBS Group (Group). The operational structure of the Group comprises the Corporate Center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and the Investment Bank. As of December 31, 2009, the Company operated about 973 business and banking locations worldwide. In February 2009, JPMorgan Chase & Co. completed the acquisitions of the Company’s global agricultural business. In September 2009, UBS AG completed the sale of its Brazilian financial services business, UBS Pactual, including its asset management business, UBS Pactual Asset Management. In May 2009, the Company completed the acquisition of the commodity index business of AIG Financial Products Corp., including AIG’s rights to the DJAIG Commodity index.
Shares of UBS traded up 1.31% during mid-day trading on Thursday.
