JPMorgan’s Singapore Investment Bank Head to Join Temasek Unitby
Fullerton Financial Holdings Pte, an arm of Singapore state investment company Temasek Holdings Pte, has hired Yeo Hong Ping for a senior management role.
Yeo is joining from JPMorgan Chase & Co., where he has worked since 2000, most recently as head of Singapore investment banking, according to a person with knowledge of the matter. Yeo will start in his position this year, Fullerton said in an e-mailed response to Bloomberg queries.
He will be chief investment officer at the firm and plans to start work in October, the person said, asking not to be identified because the information isn’t public. Rohit Chatterji, head of banking for Southeast Asia at JPMorgan, will assume Yeo’s responsibilities at the U.S. lender, another person said.
Investment firms have been poaching Southeast Asia dealmakers from banks as acquisition activity in the region slows. Takeovers involving Southeast Asian companies have fallen to $35.2 billion this year, down from $50.7 billion during the same period last year, according to data compiled by Bloomberg.
Alvin Lim left HSBC Holdings Plc, where he was head of Southeast Asia banking advisory, to join CVC Capital Partners last month. Affinity Equity Partners hired Ronnie Behar from Credit Suisse Group AG, where he was co-head of mergers and acquisitions in Southeast Asia.
JPMorgan declined to comment in an e-mail.
Fullerton, led by chief executive officer Gan Chee Yen, invests in financial institutions in emerging markets, including PT Bank Danamon Indonesia, Cambodia Post Bank Plc and Malaysia’s Alliance Financial Group Bhd., according to its website. The firm posted profit of S$1.1 billion ($817 million) for 2014, the website shows.