SINGAPORE, July 22 |
SINGAPORE, July 22 (Reuters) – Evercore Partners Inc
has hired UBS AG banker Keith Magnus as senior
managing director to set up its Singapore office as the U.S.
investment bank expands in Southeast Asia to tap into booming
deal activity.
Magnus, now chairman and head of UBS investment banking
Singapore and Malaysia, will focus on providing strategic,
merger and acquisitions and capital markets advice to companies
in Singapore and throughout Southeast Asia, the U.S. bank said
in a statement. He will join Evercore in October.
Evercore’s Singapore office will be its second in Asia,
three years after it opened its Hong Kong office, where it now
has 15 advisers. It plans to have six to 10 advisers in
Singapore in the first 12 months, a source with direct knowledge
of the matter said.
The region has seen a surge in deals activity with Southeast
Asian billionaires buying assets outside their home markets and
foreign companies, encouraged by its growth prospects, acquiring
local businesses.
Last year, Evercore advised insurance firm AIA Group Ltd on
its $1.73 billion acquisition of ING NV’s Malaysian
insurance operations.
Singapore is also home to two of the world’s biggest
sovereign investors, the Government of Singapore Investment Corp
and Temasek Holdings Pte Ltd.
“In Singapore you have a large number of entities such as
sovereign wealth funds that invest directly, own businesses and
have been users of advice,” Evercore President and Chief
Executive Ralph Schlosstein told Reuters from New York.
“You also have a large number of companies that are very
significant, looking to acquire businesses in the rest of
Southeast Asia and also around the globe – in the US, in Europe
and in South America,” he said.
“The opportunity to serve those clients and the need on the
part of those clients for advice in the global markets is what
we believe in a very meaningful way exists in Singapore and the
rest of Southeast Asia.”
Thai companies, for example, launched a record $24.7 billion
worth of outbound MA last year, more than the combined total of
the previous 10 years, according to Thomson Reuters data.
In the first half of this year, equity capital market deals
in Southeast Asia climbed 54 percent to $22.5 billion, a quarter
of all Asia-Pacific ex-Japan volumes.
Magnus, who has also worked for Bank of America Merrill
Lynch and Deutsche Bank, has advised on public deals in excess
of S$40 billion ($32 billion) in MA and capital raisings for
financial institutions and corporates spanning a wide spectrum
of industries, Evercore said.
Evercore was founded as a merger and asset management firm
in 1996 by former U.S. Deputy Treasury Secretary Roger Altman.
Evercore to open Singapore office, hires Keith Magnus from UBS
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