Top bankers leaving US and move to Asia!
By Tarry Singh at 2 November, 2009, 2:14 pm
Where there is flame, there is flame!
Anyone who’s ignoring the signs must not only be blind but also must not feel or smell because the heat is so intense there that you can feel it. Smart bankers and a couple of billionaires (some I know personally, some I know via others) have setup operations in Singapore, Hong Kong and elsewhere. So without much ado here’s the story from BBC.
P.S: That professor does seem to underestimate the will of the Chinese , especially where he thinks that HK will not overtake NY or FTSE. I spoke to many HK based firms and they have seen much cooperation with the PRC region than ever before. China needs HK and they won’t blow it this time. They’ll milk it nice and easy.
A senior Credit Suisse executive is the latest in a string of “dealmakers” to relocate from New York to Hong Kong.
Big takeover deals are scarce in the US and Europe as the credit squeeze has made it hard for firms to source funds.
But corporate activity has remained buoyant in Asia, driven by Chinese firms and foreign private equity.
‘Follow the money’
According to Dealogic, which supplies IT solutions to the banking industry, the number of acquisitions by private equity in Asia – excluding Japan – rose 15% in the first quarter of the year while worldwide deals fell.
Vikram Gandhi, head of Credit Suisse’s Global Financial Institutions Group, is moving to Hong Kong to personally oversee the firm’s corporate finance business in the region.
Credit Suisse is a leading corporate adviser on merger and acquisitions in the region and is involved in deals, according to Dealogic, worth $12.5bn this year.
“Investment bankers follow the money,” said Scott Moeller, a Professor at the Cass Business School and former executive with Deutsche Bank and Morgan Stanley.
“With sovereign wealth funds having a lot of money, with Asia having escaped the worst of the credit crunch and with the crunch having hit the US and Europe the hardest, it is not surprising at all.
“Once you get critical mass in a location, it begins to snowball and that is what is happening in Asia.”
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