Nomura Holdings Inc, Goldman Sachs Group Inc. and Bank of America Corp. are moving investment bankers who specialize in advising financial-services companies to Asia as banks and insurers sell record amounts of shares. Nomura, Japan’s largest securities firm, is moving Petter Sternby to Hong Kong from London as a managing director at its Asian financial institutions group.
A surge in fundraising by banks and insurers, along with competition for talent from smaller equity underwriters like Barclays Plc and Daiwa Securities Group Inc., has led to a shortage of financial institutions bankers in Asia. The region is home to the world’s five biggest initial public offerings by financial companies in the past 12 months, according to data compiled by Bloomberg.
Sternby, who previously was a financial institutions banker for Europe, the Middle East and Africa, plans to relocate to Hong Kong from London as early as this yea. He will report to Dan McNamara, global co-head of the group. Financial firms are on course to raise record amounts of money in Asia-Pacific this year, led by Coal India's IPO of $53 billion followed by Agricultural Bank of China Ltd.’s $22.1 billion initial public offering in July. American International Group Inc. raised $17.8 billion for its AIA Group Ltd. unit.
Bankers who have been relocated include Goldman Sachs’s Peter Enns, who moved to Hong Kong from New York last month to head the financial institutions group for Asia excluding Japan, said spokesman Edward Naylor. Enns replaced Douglas Feagin, who moved back to the U.S. Chad Holm, the former Citigroup Inc. banker who joined Bank of America this month, will move to Hong Kong from New York in November to work in the Asia-Pacific FIG team. Jeff Emmanuel, former head of equities for Australia and New Zealand at UBS AG, moved to Hong Kong in May as managing director of the financial institutions group.
Goldman Sachs has doubled the size of its financial institutions group in Asia this year, and hired Bernard Teo from Nomura in August as a managing director. Fred Hu and Kenneth Wong, former managing directors at Goldman Sachs who advised financial institutions, left this year to work in private equity, according to two people familiar with the situation.
Financial institutions including banks, insurers and securities firms have raised a combined $171 billion in Asia outside Japan since 2006. Barclays Plc and Daiwa are hiring bankers to compete with Goldman Sachs and Morgan Stanley for work managing stock sales and advising on takeovers in the region. Barclays hired former JPMorgan Chase & Co. banker Helge Weiner-Trapness as Asia-Pacific head of its financial institutions group in September. Thomas Jackamo, a former financial institutions group banker at Royal Bank of Scotland Group Plc, left to join Daiwa Securities last month.
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