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Morning Coffee: More movement at the top of Chinese IBD

In another sign that China-coverage bankers are highly sought after by Western banks, Morgan Stanley has made Richard Chen and Jing Qian co-heads of China investment banking, reports Finance Asia.

Chen has been hauled out of the bank’s APAC natural resources team, which he only joined last June, and moved back to where Morgan Stanley (and its rivals) think the money is: mainland China. As we’ve reported over the past few months, foreign investment banks are looking to expand their ranks with deal makers who can help private Chinese companies across different sectors make overseas acquisitions.

Global banks in China are now demanding “real banking skills and experience” instead of political connections, Jason Tan, a partner at search firm Being & Associates, told us last month. “Chinese conglomerates are going on an international shopping spree, buying landmark real estate, brands and more.”

Jing Qian also perfectly fits the bill of the “China-enabled” banker that banks are prepared battle for – she has deep client networks and 15 years’ experience in a several industries. Morgan Stanley only poached her in August – as head of China origination from Deutsche Bank, where she was co-head of China IBD – so this is rapid promotion.

Several banks have been beefing up their senior China ranks this year. In August, BNP Paribas appointed Paul Yang, a BNP veteran banker who joined the firm in 1988, as its head of Greater China. The previous month JPMorgan poached David Li from UBS as its new China head.

Meanwhile:

DBS primed to join rivals UOB and OCBC by opening a branch in Sydney. (Asia One)

Inflated job titles will keep Gen-Y happy in Asia. (Straits Times)

68 Hong Kong gold-trading firms to set up shop in Qianhai. (South China Morning Post)

Chinese banks want to lend more money. (WSJ)

Foreign investors wary about buying Chinese bad debt. (South China Morning Post)

Major new report highlights strengths and weaknesses of Australia financial system. (Sydney Morning Herald)


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