Joe Zhang, who was Co-head of China Research at UBS Investment Bank from 1999 until 2001 and, subsequently, Head of China Research until 2006, joins from Shenzhen Investment Limited, where he was COO, and will take up his new responsibilities on 29 September. Zhang will report to the current Chairman and Head of IBD, China, Henry Cai, who will assume his expanded role immediately.

"The strength of the business will be further bolstered by the return to the UBS fold of Joe Zhang. Many of the seeds of our current success were sown during Joe's earlier incarnation as Co-head of China Research. In that role he was voted the number one-ranked China analyst for four consecutive years in the Asiamoney research rankings and led the team ranked as the top China research team by Institutional Investor for five consecutive years. Joe's knowledge of China and its capital markets is unparalleled and we are delighted to welcome him into the investment banking team.

Henry's appointment as Vice Chairman, Investment Banking, Asia is a welldeserved recognition of his extensive achievements at UBS and of the importance of China to the investment banking business, and to UBS globally. Since Henry joined UBS early in 2006 we have consistently been ranked highly in the China league tables and have completed a series of landmark transactions for Chinese companies. In his new role, Henry will continue to spearhead our investment banking businesses in China ensuring that it remains the market leading franchise," said Robert RANKIN, Head of UBS Investment Bank in Asia.

"I am extremely confident that Henry and Joe together will provide a formidable leadership team for UBS in China," he added.

Before joining UBS, Joe Zhang was Head of China Research at WI Carr Securities and HSBC Securities. Between 1986 and 1988, he was Senior Economist, North Asia at CLSA Securities and, between 1991 and 1994, lectured in banking & finance at the University of Canberra.

Henry Cai joined UBS in March 2006 as Chairman of UBS Investment Banking, China. He joined Peregrine Investment Bank in 1997 rising to become Co-Head of Investment Banking, Asia at BNP Paribas Peregrine. Between 1992 and 1996, he was a member of the State Council IPO Team in Shanghai. Between 1987 and 1991, he was a member of the Industrial & Transportation Management Group in the Shanghai Government.