JPMorgan Chase & Co.’s Asia Pacific equity capital markets head Murli Maiya is leaving the bank after 25 years.
(Bloomberg) — JPMorgan Chase & Co.’s Asia Pacific equity capital markets head Murli Maiya is leaving the bank after 25 years.
The Hong Kong-based banker is pursuing an opportunity outside investment banking, according to an internal memo seen by Bloomberg News. Aloke Gupte and Alex Watkins, JPMorgan’s ECM co-heads for Europe, the Middle East and Africa, will expand their responsibilities to become co-heads of ECM International in addition to their existing roles.
Gupte and Watkins have jointly led EMEA ECM over the last three years, according to the memo from Asia Pacific Chief Executive Officer Filippo Gori and global ECM head Achintya Mangla. The ECM heads in the individual Asia Pacific markets will report to them, with local accountability to Gori.
A spokesperson for the bank confirmed the contents of the memo.
JPMorgan had reshuffled its ECM leadership in March, after naming Mangla sole head of global ECM last year.
Mangla said in an interview his firm had “a deep conviction in Asian ECM for the next 3-5 years so we will allocate our best resources towards that goal.”
Maiya’s tenure at the US lender included roles such as running Asia Pacific investment banking and financial institutions coverage and debt capital markets businesses, the memo showed. He had also been the bank’s CEO for south and southeast Asia.
The volume of initial public offerings has been subdued globally after aggressive interest rate hikes last year, high volatility and concerns around inflation sapped investors’ risk appetite and forced issuers to stay on the sidelines.
IPOs and secondary offerings have fetched $209 billion worldwide this year, according to data compiled by Bloomberg. That’s a 4.7% decline from a year ago and a 68% decrease from this time in 2021, a record year for activity, the data show.
Mangla said he expected activity to pick up over the coming 3-5 years.
“These are market cycles, at some point the market cycles will change and the countries in Asia will grow significantly,” he added, pointing to the correlation between economic growth and capital market activity.
(updates with comment from JPM’s global head of ECM)
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