A shake-up at UBS Securities (East Asia) has led to at least one executive resignation and a shuffle among high-level personnel, setting the stage for a change in strategy at the bank's regional broking operation. The changes were coming from the top, UBS sources said. Werner Bonadurer, the Swiss bank's global head of equity sales and trading, flew into Singapore from Zurich for a strategy meeting on Wednesday, said Philip Eisenbeiss, chief of staff at the bank's Hong Kong office. Mr Bonadurer's appearance indicated problems at the broking operations were serious, sources familiar with UBS Securities said. Patrick Ho, regional head of sales, said the push to transform UBS Securities from a British-style agency brokerage into a global investment bank had created conflicts within the firm. 'There are differences of opinion. Some people want to stick with the old style,' he said. Zurich might be concerned as well by a patchy performance last year at some of the bank's regional broking operations, sources said. Mr Eisenbeiss said the bank did not necessarily have a bad year in the region. 'Some markets were extremely profitable and others weren't,' he said. The bank does not disclose its profit breakdown. John Price, managing director for the region, had resigned and would be replaced temporarily by a Swiss appointee, Rene Sedleger, Mr Eisenbeiss said. He could not confirm rumours of other executive resignations. Telecommunications analyst Gary Chan will replace Alex Ho as head of Hong Kong research. Mr Ho, who held the title of executive research director for the region, was in New York and could not be reached for comment. More changes would follow, sources said. The Hong Kong office was still awaiting details on the bank's new regional equities strategy last night, they said. Mr Patrick Ho said people were expecting a greater push into investment banking. Some proprietary traders may be moved to the territory from Singapore. 'We will apply for a seat on the Hong Kong Futures Exchange,' Mr Patrick Ho said. UBS was the only major bank in the territory without a seat, he said. The bank has a strong presence in over-the-counter derivatives and is among the top five issuers of covered call warrants in the territory. Expanding the bank's activity in exchange-traded derivatives would be a logical step, sources said. Mr Eisenbeiss said the bank was not about to shrink its agency broking operations. 'The bank will remain a one-stop shop for all investment banking and broking services from corporate finance to private placements and equity derivatives,' he said. 'We have been staffing up considerably.' Michael Gorham was recently appointed managing director for Northeast Asia, replacing John Mulcahy who resigned last year. Mr Mulcahy took up a similar position at W.I. Carr. UBS regional head of sales David Williamson and several analysts also crossed over to W.I. Carr.