The Royal Bank of Scotland has hired a former UBS executive to become head of prime services and client execution for Asia-Pacific.

David Gray was previously the head of prime services Asia-Pacific at UBS, where he served various roles for the last 17 years. He occupies a newly-created position, which will be based in Hong Kong. The role was set up amid increasing competition among banks to win businesses from hedge fund firms looking to invest and expand in the Asia-Pacific region. 

"By combining all of our product and segment sales teams for both corporate and institutional, with investor products and equity derivatives sales, fixed income relationship management, e-commerce and prime services, we can offer our clients far more efficient and coherent execution services,” said Fabian Shey, global head of prime services and client execution for Royal Bank of Scotland.

Gray reports globally to Shey and regionally to Samir Atassi, the head of Asia-Pacific markets sales excluding Japan. His team will include futures and options, prime brokerage, central counterparty clearing and a newly-created mandate sales team.