Herbert Smith’s China boss quits for Credit Suisse

Herbert Smith’s China managing partner Jeremy Xiao is set to leave the firm to take up an in-house position with Credit Suisse.

Xiao, who is based in Herbert Smith’s Beijing office, will join Credit Suisse as managing director of its China investment banking department. He is due to take up the position on 15 November and will remain a consultant at Herbert Smith between that date and the end of March next year.

Corporate partner Michael Fosh, who is currently chief representative of the Beijing office, will head Beijing on a temporary basis until a replacement for Xiao is appointed. Having joined Herbert Smith in 1992, Fosh as been based in Beijing since 2002.

His experience includes advising on M&A, corporate and corporate finance work in Hong Kong and in relation to international IPOs, including acting for Credit Suisse.

According to Herbert Smith senior partner David Gold, Xiao’s retirement from the partnership did not come as a surprise to the firm as he had made it clear that he would seek a career change before the age of 50.

“We have close ties with Credit Suisse as a client so we very much hope that Jeremy’s contact with the firm, to which he has made a tremendous contribution, will continue long after his consultancy formally ends,” he added.

Xiao joined Herbert Smith in 1996 as the first Hong Kong solicitor who was also a People’s Republic of China (PRC) citizen. His practice focuses on corporate finance and M&A work in Hong Kong and China and he has particular expertise in debt and equity issues by PRC issuers and the regulatory aspects of the Hong Kong and Chinese securities markets.