Bear Stearns hires ECM head from BNP Paribas
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Fri, 14 Mar 2008 02:57:06 GMT |
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By Michael FlahertyHONG KONG (Reuters) - Bear Stearns has hired Darius Yuen from French bank BNP Paribas to head the New York investment bank's equity capital markets group in Asia, a spokeswoman said on Friday.The move comes as Bear Stearns looks to build up its Asia franchise, at a time when its U.S. business is trying to emerge from subprime mortgage exposure and a subsequent plunge in its share price.Yuen will join in May and report to John Moore, who was named Bear's Asia CEO in August. Yuen will assume the title of senior managing director and head of equity capital markets for Asia, according to company spokeswoman Jessie Hsieh.Yuen's background in equity capital markets shows that Bear is eager to seize a greater underwriting presence in the region, after 2007 saw a surge in Chinese IPOs.Bear's small presence in the region got a boost late last year when it signed a deal with China's Citic <600030.SS>Securities, the country's largest brokerage.Shares of CITIC and Bear Stearns have both fallen about 40 percent since October 22, when the two parties announced plans to invest $1 billion in each other and form a joint banking venture in Asia.Bear and CITIC have said they are renegotiating the terms of the tie-up after the drop in their share prices since the deal.Yuen had been with BNP Paribas and its predecessor, Peregrine Investment, for 14 years, responsible recently for the bank's ECM franchise in Asia, according to FinanceAsia, which reported the appointment.Bear Chief Executive Alan Schwartz on Wednesday dismissed recurring speculation that the investment bank faces a cash crunch, saying it has hefty cash reserves that have remained little changed this year.Bear's stock has plunged in recent weeks, and the cost of insuring its debt against defaults has spiked, as mortgage and credit markets continue a slump that began a year ago.(Reporting by Michael Flaherty; editing by Anne Marie Roantree)
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