HONG KONG: Bank of America Corp (BofA) has named Peter MacDonald as the head of its equities business for the Asia-Pacific, according to an internal memo seen by Reuters, a move that aligns BofA's Asian business with the global structure.
MacDonald, who had previously worked with Goldman Sachs Group Inc for 17 years, joined BofA in 2010 as vice-chairman of Asia-Pacific.
He was promoted to his new role after Yasuhiro Fujiwara resigned as co-head of global capital markets for Asia-Pacific last week, the memo said. Fujiwara was leaving to pursue personal interests after spending nearly 14 years with BofA, the memo added.
MacDonald was responsible for setting up Goldman Sachs' securities business in mainland China, the memo said. He was made a partner at Goldman Sachs in 2004 and in 2009 he retired from the firm. BofA hired MacDonald to focus on the bank's strategic initiatives in China.
A BofA spokesman confirmed the contents of the memo.
Fujiwara and Michael Halloran were Asia-Pacific co-heads of global capital markets, with Fujiwara responsible for the equities business. Under the new arrangement, Halloran would head the Asia-Pacific fixed income business, the spokesman said.
BofA is among the few foreign banks still exploring a securities joint venture in China. Such a venture allows Wall Street banks to underwrite stocks and bonds in one of the fastest growing securities markets in the world.
MacDonald will report to Brian Brille, president of Asia-Pacific and globally to Fabrizio Gallo, head of global equities, the memo added.
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