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Executive acquisition: Merrill Lynch has snapped up a team of Lehman bankers.
By Amarendra Bhushan for CEOWORLD Magazine Updated:September 29, 2008
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A week after Japan’s leading independent investment bank, Nomura, confirmed it has agreed to acquire Lehman Brothers’ operations in Asia-Pacific and Europe, Merrill Lynch has swooped in and snapped up a team of Lehman bankers. Merrill Lynch & Co. has hired the six bankers covering the Asian power industry at Lehman Brothers Holdings Inc. (LEH) including James Chapman, who will head the Asia power investment banking team at Merrill, according to a memo seen by Dow Jones Newswires Monday.
Chapman will be in charge of a five-member team based in Hong Kong and will report to Naomi Molsonhead of consumer, retail, healthcare and multi-industries Asia origination, who herself joined the Asia Merrill team earlier this year from the bank’s London office. The other hires are Anoop Chaudhry, who joins as vice president, also his position at Lehman; Ken Ng as vice president; Raymond Yu and Robert Smith as associates; and Brian Kelly as an analyst. Lehman filed for bankruptcy a couple of weeks ago and its Asian arm was sold to Nomura Holdings Inc. (NMR), while Merrill Lynch agreed to sell itself to Bank of America Corp. At Lehman Brothers, Chapman was also responsible for supporting the sourcing and execution of interest rate, FX and commodities hedging and other risk management solutions across power sector clients.
In the past six months Merrill has hired Terence Keyes from Morgan Stanley as head of corporate finance Asia, Dan Newman from Reliance Communications as head of telecoms in the Asia-Pacific region, and also transferred Greg Fournier from Merrill Lynch Canada to boost the metals and mining business. The other five members of the team who will join Merrill Lynch are: Anoop Chaudhry, who joins as a vice-president, a position he also held at Lehman Brothers. Anoop has also worked at Credit Suisse in Hong Kong and Arthur Andersen in Sydney. Raymond Yu and Robert Smith join as associates, while Brian Kelly joins as an analyst.
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