people moves

Chinese broker snaps up bankers from foreign competitors

China Renaissance Securities has hired two senior bankers from Credit Suisse and Mirae Asset Securities to enhance its Hong Kong and US operations.

China Renaissance Securities, a leading mainland broker, is hiring senior bankers from foreign rivals in a bid to expand its overseas operations.

The firm said on Friday that it has hired Jason Lam from Credit Suisse as head of equity capital markets. He will be based in Hong Kong and will report to Frank Au, president of China Renaissance.

Frank Au and Bao Fan, president and chief executives of China Renaissance

It is the broker’s second senior appointment within a week, having announced on Monday that it had hired Charles Kim from Mirae Asset Securities as its US-based head of equities.

Prior to his new appointment, Lam was the co-head of technology coverage for Asia and had led the origination and execution of some of the most notable technology deals in Asia. Credit Suisse hired Lam from the Asia technology team of UBS’s investment banking arm in 2007.

“Jason has been a long-term friend of mine and we shared a lot of common clients,” said Bao Fan, chief executive of China Renaissance Group, in a statement. “I am glad now we are on the same team. This is another critical step in the build-out of our securities business and reflects our commitment to transforming the group into a full-service investment bank to better serve our clients.”

Lam added that he is excited about China Renaissance’s prospects and shares the firm’s vision of building out a full-service Chinese investment bank with deep knowledge and value-add in the TMT (technology, media and telecommunications), healthcare and consumer sectors.

Prior to Mirae, Kim worked in the Asian sales team for Deutsche Bank and Lehman Brothers.

“We are delighted to have a proven business builder like Charles Kim join our platform,” said Au. “His unique combination of experience in the Asian equities business and proven track record of building out successful equities teams makes him an ideal leader for our equities business in the US.”

Kim will initially be based in Hong Kong pending approval of the firm’s broker-dealer licence in the US.

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