UBS Group AG’s head of electronic trading, China, has left his position to start a fintech firm.

Former managing director at UBS Securities, Qu Hongjie, who previously headed the firm’s electronic and trading business on the mainland has left to start up a financial technology firm. UBS has confirmed Qu’s departure, which is said to have been some months ago. He was recently replaced by Kitty Li.

UBS Securities is a brokerage joint venture between UBS and a group of Chinese investors. Now entering its tenth year of business, the bank has a 24.99 per cent stake in the venture, as well as management control.