A top UBS healthcare banker left for a client
It's not only junior bankers who move into corporate development. Senior bankers succumb too. Yao Chong, UBS's head of Asia healthcare, has left as predicted. He will work for a client instead.
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Bloomberg reported last month that Chong was leaving. UBS has now issued a memo confirming his exit and announcing that Alfred Li will be its new head of healthcare banking in Asia. Li joined UBS from Jefferies in 2016.
Chong is understood to be joining Asia OneHealthcare in July. Asia OneHealthcare is a private healthcare provider based in Malaysia, which is owned by US private equity firm TPG. In April, it was reported that TPG had engaged both UBS and Malayan Bank to help evaluate options for AsiaOne healthcare.
It's thought that Chong is joining Asia OneHealthcare as group chief corporate development officer. This has not been confirmed by Chong.
If Chong has indeed joined AsiaOneHealthcare, then he will now work on its future from the inside. Whether or not UBS will remain as an external advisor is less clear.
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