UBS appoints Chi-Won Yoon as Chairman & CEO, Asia Pacific
UBS today announced the appointment of Chi-Won Yoon as Chairman & CEO of Asia Pacific and as member of UBS's Group Executive Board, with immediate effect. Yoon succeeds Rory Tapner who, after 25 years, is leaving UBS.
"Chi-Won becomes the leader of a business that, under Rory's stewardship over the last five years, has developed into a formidable franchise. Chi-Won's indisputable track-record of commercial success and proven leadership skills will ensure that the firm maintains its focus and continues to enjoy the support of its clients. I would like to thank Rory sincerely for his invaluable contribution to UBS since he joined the firm in 1983", said Oswald J Grübel, Group Chief Executive Officer.
UBS has more than 9,500 employees in Asia Pacific. The Firm has the largest1 and leading wealth management business in the region, as repeatedly acknowledged in industry polls2 . UBS's equities business has sustained an unparalleled period of industry leadership in the Asia Pacific3 , while its investment banking department has generated more fees than any other market participant since 2006 (1/1/06 - 2009 YTD) 4 .
Yoon joined UBS in 1997 as Head of Equity Derivatives, becoming Head of Asia Equities in 2004, Head of Asia Pacific Equities in 2008, and Head of Equities and Head of FICC for Asia Pacific in 2009.
"Chi-Won brings with him 23 years of experience in leading and building profitable and client-driven businesses. He has been a tremendous colleague over the past six years and I am delighted that he has accepted this exciting and challenging role. He is an exceptional individual and I am confident that UBS will thrive under his leadership. Chi-Won's appointment ensures that UBS is well positioned to face the next stages of the firm's development and growth in Asia Pacific", said Tapner.
"The chance to lead UBS in Asia Pacific with its strength and depth across the region in investment banking, and wealth and asset management is exciting and I look forward to following in Rory's very successful footsteps. Despite the challenges that the industry faces in the near term, Rory leaves a business with impeccable credentials and a stability and client base that is the envy of many", said Yoon.
1 SOURCE: Reuters and Calamander Group
2 SOURCE: Best Private Bank in Asia: Asiamoney 2005-2009, Euromoney 2004-2008
3 SOURCE: Extel-Thomson Reuters, IRESS, Institutional Investor
4 SOURCE: Dealogic