AndrewsÆ appointment, which is effective immediately, follows JPMorganÆs move in early 2006 to set up a global operation for its equity division which includes cash and derivatives trading as well capital markets.
ôPreviously, our Latin American business was included within the US business and Eastern Europe fell within the European business, but looking at the mandates of the large global investors within the emerging markets space they see no difference between Mexico or Korea or Poland û they treat it all as one global opportunity,ö Andrews says.
A clear indication of this phenomenon is the increased popularity of BRIC funds (Brazil, Russia, India and China) in the past couple of years, he says and notes that there is now more money going into emerging markets on a global basis.
JPMorgan has sizeable operations in most emerging markets and by taking the same approach as the hedge funds and other large institutions and bringing these businesses together under one geographical overlay, the bank should be able to ôbetter capture the growth opportunity and better coordinate what we do with clients,ö Andrews says.
As a result of his added responsibilities, Andrews will divide his time between Hong Kong and London and will work closely with Daniel Pinto who is the global head of emerging markets. He will also continue to report to Carlos Hernandez, the firmÆs global head of equities.
Andrews has experience of geographical coordination from his current role as head of Asia-Pacific equities, which incorporates the quite separate markets of Japan, Australia and Asia under one roof. Before assuming that position at the beginning of 2003, he ran JPMorganÆs capital markets business in Asia-Pacific for about a year.
He joined JPMorgan at the beginning of 2002 after about eight years with Credit Suisse First Boston in Asia.
Meanwhile, David Long will relocate from Hong Kong to New York to manage Americas equities derivatives, reporting to David Herzberg who is head of global derivatives. Long currently manages JPMorganÆs equity derivatives and cash trading for Asia ex-Japan.
In his new role he will oversee flow, convertibles, equities exotics and hybrids, as well as equity retail structured investments. Together, equity retail structured investments and the US derivatives platform are among the firmÆs biggest growth opportunities, according to a message sent by Hernandez.
ôDavid, an experienced leader and risk taker, will help us develop and execute an integrated strategy around all of these products,ö the message said.
Taking over LongÆs current role in Asia, Patrick Moisy will assume responsibility for equity derivatives and cash trading for Asia (including Japan). He will continue his current job of managing Asia-Pacific proprietary trading and rates trading in Japan. In his new role, he will be reporting to both Andrews and Herzberg.