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Macquarie Said to Lure Top-Ranked Nomura China Research Analyst Jiong Shao
Macquarie Group Ltd., Australia’s biggest investment bank, named Jiong Shao from Nomura Holdings Inc. as its new head of Hong Kong and China research, according to three Macquarie officials familiar with the hiring.
Shao, who was the top-ranked analyst for industrials research at Nomura, will be based in Hong Kong and cover telecom companies among other industries, the officials said, who declined to be identified because they aren’t authorized to speak. Nomura was ranked first in Institutional Investor magazine’s inaugural All-China Research Team survey this year.
Macquarie is among banks hired to arrange the Hong Kong portion of the initial public offering of Agricultural Bank of China Ltd. The Chinese bank yesterday sold more stock in Hong Kong, in addition to raising $19.2 billion in Shanghai and Hong Kong, to take the IPO closer to becoming the world’s largest.
“There is a premium for real talent in our business,” said Sandy Mehta, chief investment officer for Value Investment Principals in Hong Kong. “It further signals that the Great Recession of 2008 is behind us.”
At Nomura, Shao covered Chinese railway, power equipment and heavy industrial companies. He had a “buy” recommendation for the Hong Kong shares of China South Locomotive and Rolling Stock Corp. from Nov. 18, 2008 until June 3, 2010, during which the stock gained 67 percent compared with a 53 percent climb for the Hang Seng Index, according to data compiled by Bloomberg.
Thomas Bookout, associate director of equity sales at Macquarie, is scheduled to move to Shanghai from Taipei to be the Australian bank’s chief representative in the Chinese city, the officials said. Bookout declined to comment.
China Markets
“We don’t comment on staff movements,” said Fiona McDonald, Macquarie’s Singapore-based spokeswoman. Vanessa Wall, a Hong Kong-based spokeswoman for Nomura, declined to comment.
Chinese stocks, the worst performers in Asia this year, have rebounded this month on speculation the government will ease property curbs and allow more lending to offset a slowdown in economic growth. The Shanghai Composite Index has rallied 9.8 percent in July, the biggest monthly gain in a year.
The Australian bank also said today its three largest units are set to report lower earnings as markets falter and deals dwindle. The outlook reverses Macquarie’s April forecast that all its businesses were likely to perform better in the year to March 31, 2011. Unless conditions improve, the advisory, securities, fixed income and commodities divisions, accounting for more than two-thirds of group income, won’t match last year’s results, Chief Executive Nicholas Moore said.
--Allen Wan in Shanghai. With assistance from Angus Whitley in Sydney, Shiyin Chen in Singapore. Editors: Linus Chua, Richard Frost
To contact the reporter on this story: Allen Wan in Shanghai at awan3@bloomberg.net
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