CHARLOTTE, N.C., Feb. 28 /Xinhua-PRNewswire/ -- Wachovia Corp. announced today that Yu-Ming Wang has been named head of Fixed Income Asia. In this newly created role, Wang will execute the firm's corporate business strategy and manage all fixed income origination, distribution, and trading as the Fixed Income Division's senior leader in Asia. He will be based in Hong Kong.
Wang will report to Curtis Arledge, head of Fixed Income in this new role. Wang is currently a managing director and head of Structured Credit Products for Wachovia Securities. In addition to his new role, Wang will maintain his current responsibilities, reporting to Tom Wickwire, head of Structured Products.
"Given the initial success we have had in Asia over the past few years and the tremendous opportunities in the region, we have decided to consolidate the leadership of Fixed Income Asia activities under a single business leader," Arledge said. "Yu-Ming has pioneered a number of innovative products and has a deep knowledge of our company, customers and the opportunities for growth in this important region."
"Our expansion in the region will continue to leverage our strengths in market-leading products like real estate structured finance, CMBS, CDOs, structured rates and derivatives," said Wickwire. "Yu-Ming is the right leader to propel the growth of our platform in Asia."
Wang joined Wachovia Securities in 2000 as head of Structured Credit Products and is responsible for all aspects of Wachovia's cash flow and synthetic CDO businesses. These platforms include origination, structuring, marketing and trading of CRE CDOs, corporate CDOs, repacks, synthetics and middle market CLOs. Before joining Wachovia, Wang co-founded Structured Credit Partners, LLC, an industry pioneer in the management of commercial real estate (CRE) CDOs, which became a wholly owned subsidiary of Wachovia Corporation in August 2001.
Prior to Structured Credit Partners, Wang was a portfolio manager at CGA Investment Management, a portfolio manager at General Reinsurance and a fixed-income trader at FGIC Capital Market Services. He holds a bachelor's degree from MIT and an MBA from New York University.
About Wachovia's Corporate and Investment Banking Group
Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income and equities) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring and execution services. Wachovia's Corporate and Investment Bank also includes the third-largest Treasury Services business in the U.S., as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions and experienced advice to all clients.
Wachovia Securities is the trade name for the corporate, investment banking, capital markets, and institutional securities businesses of Wachovia Corporation and its subsidiaries. These businesses are conducted through Wachovia Capital Markets, LLC, member NASD, NYSE and SIPC, and other bank and non-bank broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank, National Association. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the U.S.'s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 U.S. states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 750 offices in 47 states and service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At Dec. 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.
