JPMorgan Chase & Co., the largest U.S. bank by assets, named Jeff Urwin chief executive officer of Asia Pacific, replacing Gaby Abdelnour, who is leaving the firm.
Urwin, 56, will add the role to his duties as head of global investment banking coverage, the New York-based firm said in a statement today. He will move to Hong Kong from New York in May and report to Jes Staley, CEO of the investment bank. Abdelnour told JPMorgan last month he planned to step down this summer to pursue personal interests, according to a March memo.
“Basing our global head of investment banking in Asia Pacific further cements our ongoing commitment to the region and its importance,” Staley said in the statement. This is the first time JPMorgan’s global head of investment banking will be based in Asia Pacific, the company said.
JPMorgan, the third-ranked adviser on mergers globally this year, is second in the Asia-Pacific region after Morgan Stanley, according to data compiled by Bloomberg. The firm has advised on $24.1 billion of deals in the region this year, including Hong Kong-based Hutchison Whampoa Ltd.’s 1.3 billion-euro ($1.7 billion) purchase of Orange Austria in February.
Abdelnour was tapped to run the firm’s Asia-Pacific unit in July 2006. Under his leadership, JPMorgan set up a securities joint venture in China, bought a stake in a trust and a guarantee company, and established a locally incorporated bank.
Urwin joined JPMorgan from Bear Stearns Cos. in 2008, where he was co-head of global investment banking. He also worked at Lehman Brothers Holdings Inc.