Firm Friends
The two sandwiches that shaped a career – Kenneth Pang
Kenneth Pang was born in Hong Kong and, as a young boy, moved to a small town in Canada with his family. There, Ken grew up in "true Canadian fashion". He used to go cross-country skiing, snowshoeing, canoeing, and hunting for fish using a bow and arrow – which, according to Ken, is "much safer than a rifle for a 12-year-old boy".
After leaving high school in Vancouver, Ken decided to spread his wings: he moved to French-speaking Montreal to study Finance and Information Systems at McGill University. Despite being school-boy confident about his French, Ken quickly learned his language skills were "crap". In one memorable moment – after finishing his meal – he decided to look up the meaning of viande de cheval. When he realised he’d inadvertently bought horse meat at the supermarket, he began to appreciate the merits of the dictionary.
Ken graduated in 2002, months after the 9/11 attacks. As the Montreal recruitment fairs had been cancelled and many graduate opportunities had been put on hold, Ken decided to go to Europe to gain a postgraduate qualification ("also known as having a great time in the old world on a student visa while pretending to study").
Ken wasn’t familiar with the schools in Europe so he turned to the internet to work out what to do next. He found a course at the University of Reading where you could trade your way through simulated data in the ICMA Centre dealing room, which he thought sounded interesting, and Reading offered him a place. He didn’t accept it though, as he also received an offer from Imperial College to study for an MSc in Finance, which he thought sounded "pretty fancy". When Ken started to share his plans, one of his friends suggested he should have a look at the London School of Economics as well. There was something about being closer to the City which attracted him. The London School of Economics was where Ken ultimately gained his MSc in Law and Accounting.
"Knowledge is privileged and has been monopolised by professions for centuries," said Ken. ‘I jumped at the opportunity to learn more about law and accounting because the two disciplines are trades and areas of study that are typically siloed, and that creates barriers to understanding. Getting a broad understanding of those disciplines even at a superficial level was a very liberating experience.’ In fact, in the context of his exams, Ken learned just how valuable that broad knowledge was when he spoke to his law professor about accounting, and to his accounting professor about law.
The first sandwich
Ken became a lawyer because he was hungry. One day, after leaving the campus gym in his sweaty shorts and t-shirt, Ken noticed a recruitment poster for a law firm. He nearly ignored it because he didn’t think a law firm was for him. But then he saw the words "free lunch" and decided to go because he was famished.
When he entered the room, the first thing Ken noticed was that he was the only one in gym gear and that everyone else was wearing a suit. The second thing he noticed was the loaded buffet that no one else was touching. As he reached for a smoked salmon sandwich, he heard a student ask whether the law firm would rule out applicants who didn’t have law degrees. The answer given by the firm's representative changed the direction of Ken’s career. "I was like – hold on. You’ll pay the school fees for me to be a student for another two years, give me money to live on, and then guarantee me a job for two years afterwards? I’ve got to apply."
Once again, Ken turned to the internet – this time to discover more about the top 10 law firms in London. After reading each firm’s graduate recruitment site, he was hooked by Ashurst’s history and heritage. "I discovered Ashurst was involved in drafting some of the legislation I had studied, including provisions surviving in the modern Companies Act and the Insolvency Act. I felt a connection through that," explained Ken.
Ken went on to join Ashurst as a trainee in 2005 and qualified while working in the Securities and Structured Finance division, in a team specialising in derivatives. "At the time, there were three partners in that team, Chris Georgiou, James Coiley and Chris Whiteley – we called ourselves the derivatives village, because we were tucked into a corner of the fourth floor of the London office," said Ken.
The second sandwich
Three years later, Ken put his hand up to be part of the Hong Kong office’s growth story. James Coiley sponsored his move, which was supported by the partners in Hong Kong even though the office did not have a derivatives practice at the time. "Ashurst has always been about entrepreneurialism; so I thought, if they're prepared to back me, I'm prepared to back myself," explained Ken.
In Hong Kong, Ken started working on IPOs and M&A and soon realised that lawyering is a skill and the subject matter can change. Even so, he was able to add value with his finance and derivatives experience in transactions. He also enjoyed his secondments at JPMorgan and Credit Suisse.
During the early years in Hong Kong, Ken dutifully reported back to London about opportunities in the local market. He was pleased when the firm decided to invest in the Asia Financing practice and when Chris Whiteley joined him in Asia to start the Derivatives practice.
While Ken worked on many notable deals at the firm, one in particular stands out for him – the Singapore Sports Hub financing project. Ken worked on the derivatives element of the project, which involved handling complex hedging for the 11 banks involved. In the hours leading up to closing, Ken saw how everyone banded together to hit the deadline – including the Singapore Managing Partner, who took control of the photocopier!
Ken also has vivid memories of a London office social event in 2006 after the closing of another deal: once again, there were great smoked salmon sandwiches on offer, and this time he met his future wife Kelly Lee (who was at the time Anna Delgado’s trainee). Years later, Kelly and Ken were officially married in a civil ceremony conducted by another Ashurst partner, Mr Jackson Woo.
After working at Ashurst for over a decade, Ken joined HSBC in 2017. He is now the Regional Head of Global Markets Legal for Equities for the Asia-Pacific region. One of the things he enjoys most about his role is the opportunity to support others in reaching their potential. Ken hopes technological advances will free up the next generation of legal leaders, allowing them to think more strategically and commercially, without being "boxed in by their expertise". His career advice is powerful in its simplicity: "Say yes to opportunities. It’s not the chances you take but the choices you make that make the difference."
Even outside work, Ken benefits from a client-first entrepreneurial mindset which was honed at Ashurst. After reading an article in The Economist about how Chinese lab-grown diamonds were changing the industry, he decided to take a closer look. After researching the matter, he signed up for trade fairs, learned about the processes, made industry contacts, and connected with artisans. In his spare time, he’s now designing and crafting jewellery – and relishing the sparkle in his clients’ eyes when they see his work.
Sadly, that mindset doesn't help Ken keep up with his Shiba Inu, Tofu, on their 10km runs. "Tofu is making very good time, though I clearly have more work to do," admitted Ken.
(Ken and Tofu)
