Two senior UBS executives in Asia said to be leaving firm

Philip Partnow, a managing director for UBS in mainland China, and Shaun Treacy, the bank's co-head of Asia general industries, are leaving the Zurich-based lender, two people familiar with the matter said.

The two bankers are on gardening leave, the period workers must wait before joining competitors, one of the people said, asking not to be identified because there is no public announcement.

Treacy and Partnow could not be immediately reached for comment. Mark Panday, a Hong Kong-based spokesman for UBS, declined to comment.

Partnow helped set up in 2006 UBS Securities' China venture, a brokerage and investment-banking tie-up with Beijing Securities. He was the venture's Beijing-based deputy head of investment banking before moving to Hong Kong last year. Partnow also previously led the China mergers and acquisitions team, which UBS started in 2010.

Treacy joined in September 2012 from Nomura Holdings, where he was global co-head of natural resources and power. He was one of 18 bankers involved in the merger of Xstrata and Glencore International, which was completed in 2013.

UBS ranks 12th in managing cross-border China mergers and acquisitions deals this year, compared with 15th last year and 10th in 2012, according to data.