People moves: UBS regroups while BarCap claims King

UBS has reorganized its Asia-Pacific equities team following the departure of Steve Barg, head of global capital markets (GCM) Asia, to Goldman Sachs. Barg is credited within the bank for overseeing its continued dominance of Asia’s IPO market during the second half of this decade alongside China deal machine Henry Cai, and his departure was a big loss for the firm. It followed the exit of the bank’s equity head, Mark Williams, on May 6 to Nomura. Having lost two of the three key men (Cai being the third) in its Asia business, UBS immediately faced comments from media and competitors that the equity team, the most successful among its peers this decade in what has been Asia’s most profitable core investment banking business, was collapsing.