(Yicai Global) June 14 -- A brokerages trade group in Hong Kong has called on UBS Group to dismiss one of its top economists after he caused uproar with a research report that referred to "Chinese pigs."

Paul Donovan, chief economist at UBS Global Wealth Management, used the seemingly racist term in a podcast on China's inflation released on June 12. The China Securities Association of Hong Kong said the Swiss financial group's subsequent apology was insincere and lacked remorse, the Economic Daily reported today. On behalf of some of its 100 members, the group called on UBS to fire him.

UBS removed the offending material from its website, apologized for any misunderstanding, and said Donovan's views only addressed inflation caused by rising pork and consumer prices in China. UBS promised to improve its mechanism to avoid any such future incidents, the Economic Daily reported. The bank said it would continue its strong investment in China, but did not say whether Donovan would remain in his post, the report added.

The CSAHK said Donovan's words were a serious insult, but passed the investment bank's review, meaning they reflected its opinion. In a statement, it called on UBS management to apologize openly and promise not to allow such incidents to happen again.

In December, Basel-based UBS received the go-ahead from Chinese authorities to become the first overseas brokerage to gain majority control of its securities joint venture in the country after regulators moved earlier last year to ease foreign ownership restrictions in the country's financial sector.

Donovan is also a member of the bank's Global Investment Committee, the UBS Nobel Perspectives program, and a supporter of the UBS Women in Economics program, according to his resume on the UBS website.

He earned a master's degree in philosophy, politics and economics from Oxford University and a master's degree in financial economics from the University of London. He is also an honorary fellow of St Anne's College, Oxford, and a member of the college's Investment Committee and Development Committee.