Union Gaming hiring Deutsche Bank duo: sources
GGRAsia understands from sources with knowledge of the matter that U.S.-based Union Gaming Group LLC – a boutique investment bank and advisory firm focused exclusively on the global gaming industry – is to hire two senior banking executives to lead the group’s investment banking and leveraged finance businesses in Asia.
Byron Yip and John Hernandez from investment house Deutsche Bank AG are the two executives departing for Union Gaming, the sources said. They are expected to take up their new roles in 2016.
GGRAsia approached Union Gaming for confirmation of the appointments. The firm declined to give an outright confirmation, but said in an emailed statement: “Greater balance across the capital structure between debt and equities will be an important initiative in the coming year, and would allow our organisation to far better serve its corporate client base.”
Union Gaming added in its email: “The contraction in Macau and the changes going on at the moment in the United States market, means that for Union Gaming to have a seasoned team of executives – that have worked on various corporate exercises and structures – has the capacity to be transformational for our business.”
The group had previously said that a Hong Kong unit, Union Gaming Securities Asia Ltd, in March received licences in Hong Kong covering dealing and advising in securities. A unit of the group called Union Gaming Securities is registered with the Securities and Exchange Commission in the U.S. and is a member company of the Financial Industry Regulatory Authority in that country.
Union Gaming was the first global equity and research firm focused on gaming to open a subsidiary in Macau; in February 2011. The unit – Union Gaming Research Macau Ltd – was set up by analyst Grant Govertsen, who still oversees the group’s operations in Macau.
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