He has spent his entire banking career – spanning 30 years – at the US investment bank. He joined JPMorgan in 1990 as a financial analyst after graduating with a bachelor’s degree in economics from The Wharton School of the University of Pennsylvania.

Known affectionately as “Gucho” to his colleagues, Aguzin has served as the bank’s senior country officer in Brazil and CEO of JPMorgan Latin America. He led the bank’s sprawling Asia-Pacific business from 2012 until early 2020, and was most recently CEO of JPMorgan’s international private bank and a member of the operating committee overseeing the lender’s asset and wealth management operations.

“Gucho is an outstanding leader and human being, who has led businesses around the world for JPMorgan Chase with distinction over the past three decades,” JPMorgan CEO Jamie Dimon said.

Aguzin also serves on the board of directors of Latin American e-commerce and payments company MercadoLibre, as well as the boards of trustees of the Asia Society and the Eisenhower Fellowships. It is not yet certain if he will stay on in these capacities after taking the job at HKEX.

Why did HKEX chose Aguzin?

During the selection process last year, the exchange considered Hongkongers, mainlanders and international candidates, according to a source familiar with the situation. Potential candidates included HSBC’s co-head of Asia-Pacific banking, Liu Che-Ning, the Canada Pension Plan Investment Board’s chief executive, Mark Machin, and former Goldman Sachs banker Wilfred Yiu, among others, the source said.

But after further discussions, HKEX concluded that Aguzin was the best candidate. The key reason was his experience as a senior international banker guiding JPMorgan’s expansion in China in recent years, the source said.

The bourse operator also considered his nationality, which would save him from embarrassment should US-China relations worsen.

The board has also opted for a foreign candidate for the first time in HKEX’s history in the hope of reassuring international investors about the Hong Kong market. Some investors have raised doubts about the future of the city as a financial hub after months of social unrest in 2019 and the introduction of the national security law last year, the source said.

Moreover, the company already enjoys strong ties with mainland China, as Laura Cha Shih May-lung, its chairwoman, is a former vice-chairwoman of the China Securities Regulatory Commission, having served with the regulator between 2001 and 2004.

How will Aguzin’s experience help HKEX?

With stints in New York, Buenos Aires and Hong Kong, Aguzin has an extensive international profile.

Fluency in several languages will prove to be an advantage when it comes to communicating with governments, international companies and investors.

The city accounted for more than 17 per cent of all IPOs globally that year.

Some big Chinese companies had created an ecosystem for innovation, and were incubating some of the best technologies in the e-commerce, financial, health care, mobility and entertainment sectors, Aguzin said at the time. “We are in a world where the winner takes most. Being early is important, and being sizeable is critical,” he added.

JPMorgan applied to set up its own majority-owned securities company in China in 2018 and took full control last year. While Aguzin ran the Asia-Pacific business, JPMorgan consistently ranked in the top 15 for investment banking fees in the region, according to data from Refinitiv.

What path will HKEX take under Aguzin?

One of his main tasks will be increasing the southbound bond connect – mainland investors buying Hong Kong bonds.

Aguzin may also identify new acquisition targets for HKEX, which last month became the first overseas investor to be allowed to acquire a stake in a mainland Chinese bourse, when it took a 7 per cent stake in the newly formed Guangzhou Futures Exchange.

At the same time, Aguzin will need to find ways to maintain the bourse’s turnover, as investors face higher transaction costs after the Hong Kong government said it would increase stamp duty by 30 per cent from August 1.

Such listings raised the value of fundraising in the city to HK$54 trillion (US$7 trillion) last month, helping Hong Kong surpass Tokyo to become the world’s third-largest capital market.

What are the top challenges he will face as HKEX chief executive? 

The Hong Kong bourse has been the top market for new listings in seven out of the past 12 years, which sets a high bar for Aguzin.

Additionally, he will face more rivals, such as the Shanghai Stock Exchange’s Nasdaq-style Star Market, which was launched in July 2019. While the Star Market is starting to flex its muscles with listings such as those by Chinese Covid-19 vaccine maker Cansino Biologics and chip maker Semiconductor Manufacturing International Corporation (SMIC), the Shenzhen Stock Exchange is also undertaking reforms. Elsewhere, Macau and Guangzhou are each setting up their own exchanges.

It may also not be easy for HKEX to expand by acquisition. The bourse successfully acquired the London Metal Exchange in 2012, but failed in its bid to buy the London Stock Exchange in September 2019.