BoA Merrill poaches from UBS to replace Antony Hung

Bank of America Merrill Lynch has poached Michael Benz from UBS to head Merrill Lynch wealth management for the Asia-Pacific region. He will replace Antony Hung, who has headed this division since July 2008. Hung announced his plans to retire from BoA Merrill last week to pursue "alternative professional interests" and some bankers are speculating that he is moving to a competing firm.

Benz's new job entails managing all aspects of wealth management and private banking in the region and strengthening the products, services and capabilities available to clients. He will start in the first quarter of 2011. Wilson So, head of North Asia global wealth management, is heading Merrill Lynch Asia-Pacific wealth management until Benz comes on board.