JP Morgan, the third-largest financial institution in the world, is bringing in its head of western European operations to become chief executive of Asia-Pacific in a management reshuffle that will see its current regional head step away from day-to-day responsibilities to focus on client relationships.
European investment bank head Gaby Abdelnour will become regional chief executive while Ralph Parks, who has run the bank's business in Asia for the past five years, will remain chairman of JP Morgan regional activities.
Before joining JP Morgan in 1998, Mr Abdelnour spent five years in Hong Kong and Singapore with Merrill Lynch as a managing director of mergers and acquisitions.
'Asia is one of the firm's top growth opportunities and I look forward to advancing the great progress we've made there,' Mr Abdelnour said.
Mr Abdelnour, a dual Lebanese and British national, also worked in JP Morgan's Middle East and North Africa section and advised governments there on the sale of strategic assets.
'Gaby has an outstanding track record at JP Morgan building market leading businesses in multiple regions and his experience will undoubtedly strengthen our strong management locally,' said Bill Winters, co-chief executive of JP Morgan's investment banking division.
JP Morgan topped the league table for sales of US dollar-denominated high-yield debt in the first half with US$10.8 billion, according to Thomson Financial. It ranked third in sales of bonds convertible into shares in Asia-Pacific (excluding Japan) with US$1 billion.