Barclays adds new Asia-Pacific blocks chief

摘要

Barclays' decision to move Jack Yee into a newly created role as Asia Pacific head of blocks origination makes its former regional equity syndicate chief one of Hong Kong's rare senior bankers to have an exclusive mandate for block trades. Market participants said the move reflects the banks' growing concerns with profitability in their Asian equities businesses, which continue to underwhelm expectations amid the slow pace of new issues, expanding syndicates and increasing competition. Rather than putting more resources into the typical IPO-focused syndicate teams, banks are looking to shift personnel over to work in risky, but often profitable, blocks.