HONG KONG, October 27, 2010 - J.P. Morgan has expanded its Asia Pacific trade finance team, with a series of hires across the region bolstering the firm's capabilities and enhancing its client service offering.
The firm has recently added more than 20 trade finance specialists, with numerous hires coming in key markets, including China, Hong Kong, India, Korea and Singapore, among others. The new executives will be responsible for a range of functions, including high level advisory services, product solutions, client services, sales and implementation.
J.P. Morgan Treasury Services' Pravin Advani, who was appointed Global Trade Executive for Asia in July, said the aggressive increase in trade head count was aimed at further enhancing the services the firm offers to its clients, following a strong year to date in terms of new business mandates and the region's strong growth prospects. According to the World Bank, trade in Asia for the first half of 2010 grew 38% compared with the same period last year, with continued strength expected in 2011and beyond.
To cater to this expected regional growth, Jonathan Heuser has joined from J.P. Morgan's North America team as Head of Trade Advisory & Solution Delivery for Asia Pacific. Reporting to Advani, Heuser is responsible for high value, complex supply chain and traditional trade solutions and building the bank's portfolio of strategic financial institution partnerships, among others. Also joining is Chetan Talwar, who will manage the corporate trade advisory business, and Raju Devassey, who has been tasked with developing and managing the firm's trade solutions delivery team across the region. Both will be based in Singapore and will report to Heuser.
"Jonathan, Chetan and Raju, along with our significantly expanded trade team, will form a strong foundation as we continue to enhance our client services and the solutions that we offer across the region. Our clients' business has grown considerably over the last year, so it is important that we continue to grow with them by expanding our team to ensure that we're well placed to help them leverage the many growth opportunities present across the region's dynamic economies," said Advani.
The latest appointments demonstrate the firm's ongoing commitment to building out its Asia Pacific business. In July, J.P. Morgan also announced that Kao Fang Ming would take on the Trade Head for China role, with Prashant Pillai assuming the Trade Head for India position. Both also report to Advani.
J.P. Morgan's Treasury & Securities Services ("TSS") franchise, which comprises the Treasury Services and Worldwide Securities Services businesses, has embarked on an aggressive Asia Pacific growth plan, under which the firm is expanding its local on-ground presence, enhancing its range of market leading products and elevating its client servicing capabilities Year-to-date, J.P. Morgan TSS has hired an additional 500 financial professionals in Asia Pacific to broaden its regional coverage and further develop its partnership with clients. J.P. Morgan TSS provides solutions to corporate and institutional clients across the region.
About J.P. Morgan Treasury Services
J.P. Morgan's Treasury Services business is a full-service provider of innovative cash management, trade, liquidity, commercial card and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.