As per recent update found in Reuters website, JP Morgan has appointed David Xu as the Head and Managing Director of its Chinese equities business division. As per the update, David Xu will be placed in the firm’s Shanghai office and will report to Ryan Holsheimer – current head of cash equity sales and trading for Asia-Pacific region at JP Morgan.
The move to JP Morgan is also visible in David’s LinkedIn profile according to which, he has been serving as Head and MD of Chinese equities business since April 2019. Prior to his current role at JP Morgan, David was the Managing Director of Senior Relationship Management at UBS. JP Morgan is currently gearing up for the launch of its majority-owned onshore securities joint venture in China.
According to report published in website Financemagnates earlier this year, JP Morgan in combination with Nomura managed to acquire regulatory approval from the China Securities Regulatory Commission (CSRC) for setting up joint venture brokerage firm in the country. This approval was obtained post Chinese regulatory authority’s decision to hike the ceiling on foreign ownership of China-based securities firm to 51% which was previously set at 49%. The decision was made by regulatory authority back in April 2018. Prior to JP Morgan, David’s tenure at UBS was for 4 years and seven months having joined the banking giant back in September 2014 and served as part of UBS family till his resignation earlier this April.
David started out at UBS as its Director, Head of Equities Sales for Chinese market back in 2014 and was promoted twice, first as Head of Equities in June 2016 and then to post of MD – Senior Relationship Management back in August 2017. Prior to UBS, David served in one of China’s leading investment banking firms – China International Capital Corporation Limited (CICC) for nearly four years. He joined the firm as Executive Director in 2010 and was promoted to the role of Managing Director in 2013. As per memo sent by JP Morgan spokesperson to Reuters, the firm also promoted Nick Lai, who is currently serving as Asia Pacific auto research analyst to head of Chinese equity research and Karen Li & Cusson Leung were promoted to co-heads of Hong Kong equity research.
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