Yash Kaman is to become co-head of the natural resources group (NRG) at Deutsche Bank, say sources close to the development. Kaman has been poached from J.P. Morgan and his appointment follows the departure of Deutsche's previous co-heads for NRG, Peter O'Malley and Eugene Tan. It is not clear where O'Malley and Tan are moving, but sources say they have jumped ship to a rival firm.
Deutsche Bank is expected to shortly announce a second co-head to work alongside Kaman, who has also been hired from a rival, one source said.
Kaman was head of Asia oil and gas investment banking at J.P. Morgan. Most recently he worked on a large M&A deal -- CNOOC's $3.1 billion investment in Argentine firm Bridas Corporation -- where J.P. Morgan advised on the buy side. CNOOC is 64.4%-owned by Chinese state-owned enterprise China National Offshore Oil Corporation, while Bridas has oil and gas exploration and production activities in Argentina, Bolivia and Chile.
The move comes with a promotion for Kaman, who was an executive director at J.P. Morgan but joins Deutsche as a managing director, added sources. Kaman, who is currently on gardening leave, could not be reached. Deutsche Bank and J.P. Morgan both declined to comment.