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Daily Dispatches: BofA hires equity star in Hong Kong

Bank of America Merrill Lynch in Hong Kong is poaching from Deutsche Bank again, following chief executive Brian Moynihan saying last week that the US firm is ready to expand in investment banking.

After hiring former Deutsche executive Richard Yacenda as chief operating officer for Asia Pacific in late February, BofA has now recruited star analyst Ajay Kapur from the German bank.

He will join in June as Asia-Pacific equity strategist and also assumes the new role of global emerging markets strategist. Kapur is a serious player in Asian equity research and strategy, having worked on both the buy side and the sell side during 24 years in the business.

His appointment comes amid tentative signs that the job market in Asian equity research is starting to recover. CIMB, the Malaysian bank is also expanding.

Transaction head (Asia One)
Standard Chartered Bank has appointed Motasim Iqbal as the head of transaction banking for Singapore.

Taiwan deal (FT)
Taiwan will ease rules to allow Chinese banks to buy bigger stakes in local banks and permit more Chinese firms to invest in its financial industry.

Certification changes (Straits Times)
A new professional designation for accountants in Singapore will be rolled out in July.

Booted by Barclays (Asia One)
Barclays in Singapore has sacked a senior private banker from its non-resident Indian team for alleged misuse of client money.

Safety net (WSJ)
The Association of Southeast Asian Nations makes plans to avert another financial meltdown.

Big, not better (The Standard)
“We don’t want to be remembered as the world’s biggest bank by asset only, but as a capital efficient lender as well,” said Yang Kaisheng, president of Industrial and Commercial Bank of China.

Disney jobs (Shanghai Daily)
Disney Resort expects to employ at least 5,000 people when it opens in 2015 in the Pudong New Area, also home to many of Shanghai’s leading banks.

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