JP Morgan has announced a batch of new appointments and internal promotions in Asia, undeterred by the market slump that has slowed deal flow to a trickle and prompted rivals to cut jobs. 'Our strategy is to increase the firm's overall ranking and market share with every one of our principal clients,' Mark Bamber, head of Asia equity sales and trade, and Peter Redhead, head of equity research in Asia ex-Japan, said in an e-mail to staff. 'We are committed to strengthening the firm's franchise in Asia in both sales and research.' Mr Redhead is moving to London to serve as head of European equity research but will remain in Hong Kong until a replacement is found. He will replace Peter Houghton, who is being promoted to chief operating officer for equity research globally. Mr Redhead helped JP Morgan jump to third from sixth in the widely watched Institutional Investor magazine survey of the top ranked analysts. Xen Gladstone, who was hired from ING Barings last year, will take over as head of cash equity sales in Asia ex-Japan and Australia, reporting to Mr Bamber. Michael Bugel, who is at present head of equity sales in Asia ex-Japan, will be leaving the bank after four years. 'A number of other key hires are in progress. However, at the same time, the business environment remains challenging and it is necessary to make adjustments in line with the needs of the business,' the internal e-mail said. JP Morgan also announced that Charlie Dutton would take responsibility for research marketing in addition to heading the consumer research team while Steven Li, who covers Hong Kong strategy and conglomerates, would become head of Hong Kong research. JP Morgan also recently hired S.H. Lee from UBS Warburg as head of research in South Korea, and Sriyan Pieterz from SG as the bank's research head for Thailand, Indonesia and the Philippines.