NEW YORK (
) -- Large institutions including
Bank of America
are upping their investment banking presence in Asia, particularly with bankers who specialize in the financial services industry, according to
A surge in capital raising by local banks and insurers, plus the competition for talent from smaller underwriters in the region, has led to a shortage of bankers focused on financial institutions, the article says.
Agricultural Bank of China raised $22.1 billion in a public offering this past July.
raised $17.8 billion from
, making it Hong Kong's biggest IPO ever,
Asia is an attractive target area for multinational banks for its capital markets activities and
Chairman and CEO Jamie Dimon has said plans to expand internationally, particularly as the U.S. economy remains sluggish.
also has a strong presence there.
data, the five largest IPOs by financial services firms over the past year have come from Asia. Japanese brokerage firm Nomura is reportedly moving Petter Sternby, co-head of investment banking for the Nordic region, to Hong Kong from London to become managing director of Asian financial institutions group, the article cited people familiar with the matter as saying.
Other bankers that have been relocated to Hong Kong include Peter Enns of Goldman Sachs and former Citi banker Chad Holms, who joined Bank of America this month, the article says.
moved Jeff Emmanuel, its former head of equities for Australia and New Zealand to Hong Kong in May.
--Written by Laurie Kulikowski in New York.
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