JPMorgan Chase has hired Yi Zhang to serve as co-head of its China investment banking operations, Reuters reported citing an internal memo.
Zhang is expected to join during the summer and will work alongside Michelle Wang, who will continue in her role as co-head for the region.
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The memo, according to the news agency, noted that Zhang most recently oversaw China industrials coverage at Goldman Sachs and brings more than two decades of experience in investment banking.
David Lau, the current co-head of China investment banking at JPMorgan, will be taking on broader responsibilities as vice chair of investment banking for Asia Pacific.
According to the memo, Lau will expand his oversight to key client relationships in Hong Kong, strengthen engagement with local regulators, and maintain his leadership of the Asia Pacific healthcare practice.
JPMorgan stated it has added over a dozen senior investment bankers in the past year.
According to Reuters, among recent hires are Yu Chikami, who joined in December as Japan co-head of investment banking after previously working at Goldman Sachs, Jane Wu as head of China healthcare investment banking, and Dragi Ristevski from Macquarie as co-head of general industrials and head of financial sponsors for Australia and New Zealand.
Chinese authorities recently permitted Fidelity International and JPMorgan Asset Management to distribute funds domestically under the Mutual Recognition of Funds scheme, according to reports citing local media.
Other major US banks have also recruited additional staff to keep up with increasing demands in dealmaking across Asia.
UBS Group is planning to hire about 50 bankers for its Hong Kong wealth management operation, reported Bloomberg citing Asia Pacific wealth management co-head Amy Lo.
