NEW YORK/SYDNEY: Wells Fargo & Co, the fourth-biggest US bank by assets, appointed Mark Jones to lead the firm’s capital markets and investment banking business in Asia.

Jones, who previously headed sales for UBS AG’s fixed income, commodities and currencies group in the Asia-Pacific region, will be based in Hong Kong in the newly created position, San Francisco-based Wells Fargo said.

Wells Fargo plans to increase its workforce in Asia by at least 10 per cent over three years as rivals slow their expansion in the region, John Rindlaub, the US bank’s Asia-acific regional director, said in an interview a year ago.

Jones “will play a key role in building our capabilities in the region,” Rindlaub said a statement announcing the appointment.

Wells Fargo is ranked 44th among advisers on Asia-Pacific mergers and acquisitions this year and 74th for managing equity offerings in the region, data compiled by Bloomberg show.

Jones joined UBS in 2004, according to the statement. Before his Asian role, his positions included head of sales for fixed income, commodities and currencies in Europe and managing director and head of structured product sales in the region. He has also worked at Deutsche Bank and Barclays.

(BLOOMBERG)