Bank of America’s Leung Is Said to Join HK Tycoon Li’s CK Asset

(Bloomberg) -- Ken Leung, co-head of Bank of America Corp.’s financial sponsors group in Asia Pacific, has left to join Hong Kong conglomerate CK Asset Holdings Ltd., according to people familiar with the matter.

Leung will help lead business development including mergers and acquisitions at the firm controlled by billionaire Li Ka-shing, the people said, asking not to be identified because the matter is private. Adnan Meraj has become sole head of BofA’s financial sponsors in APAC, the people said.

A representative for BofA declined to comment, while CK Asset didn’t respond to multiple requests seeking comment.

Li, Hong Kong’s wealthiest person, made his fortune investing in businesses spanning ports, retail, infrastructure and telecommunications through his flagship conglomerate CK Hutchison Holdings Ltd. His son Victor Li now runs the group.

CK Asset has businesses around the world, including property, infrastructure and utility assets, as well as Greene King pubs in the UK, which it acquired about five years ago.

CK Asset shares have dropped 19% in Hong Kong this year, giving the company a market value of $14.2 billion.

--With assistance from Shirley Zhao.