JPMorgan has announced a series of internal moves to make its reporting lines simpler and capitalise on a stellar year in 2004. The most significant change will see Sean Wallace move from being co-head of Asian investment banking to a new role as head of Asian capital markets.
This is a division JPMorgan set up globally last year under Carlos Fernandez. Within this division, there will remain distinct equity capital markets (ECM) and debt capital markets (DCM) teams, although the firm hopes to ensure greater dialogue between the two thanks to Wallace ,who will oversee both
Todd Marin, who was Wallace's co-head of Asian investment banking, retains the title of head of investment banking coverage and head of M&A.
The existing DCM head, Marc Jones, is being made head of the financial institutions group (FIG), which will combine M&A, coverage, DCM and ECM. Jones is well known for his skills in bank capital deals, and given that much of the work in the FIG market this year will be either about raising capital or distributing it, his skills on the debt side should translate well into the other areas of the FIG business.
In 2004, JPMorgan's FIG business earned 53% more money than it did in 2003. The Japanese FIG team, under Inkyo Shu will continue to report to Jones.
He will not be replaced, as Wallace intends to take an active role and use his US high yield background to build a correspondingly lucrative franchise in Asia.
The ECM side will also see some changes, with Andrew Cooper returning to JPMorgan in London. Cooper is currently head ECDM (Equity Capital Markets and Derivatives). This former role will now be undertaken by Wallace, while Nick Andrews will continue as head of equities, with Jonathan Back and Rupert Fane remaining co-heads of ECM.
The previous FIG head, Helge Weiner-Trapness is moving over to become head of telecoms, media and technology, and general industries. He is also being given a management role looking after the junior analysts and associates that work for JPMorgan in Asia.
Other moves include Michael Borch and Ivor Orchard who are being made co-heads of transportation and natural resources, while Doug Morton is moving from investment banking to distressed debt, reporting to Chris Nicholas.