JP Morgan ups the ante

Last year's three-way merger between Chase, Jardine Fleming and JP Morgan created a number of challenges and opportunities for the combined entity's equities business in Asia. Historically, Jardine Fleming's strong local franchises had enabled it to stay at the forefront of the domestic equities business. However, the onset of the regional crisis in 1997, which dried up the domestic IPO market, combined with a growing predilection for ADR offerings by the region's blue chips, saw the bank slip back down the league tables and the US investment banks muscle in.