Credit Suisse adds to the wave of foreign participation in China’s landmark opening of its financial sector with the expansion of its prime services team for the market.
The bank hires Michelle Lim as managing director and head of China prime sales and business development. In her Hong Kong-based role, Lim will drive «all prime sales, capital introduction, and consulting services for China prime clients», according to a release. Lim, a 10-year veteran, will report to Jonathan Jenkins, head of equity sales and prime distribution, Asia Pacific.
Also joining the team is Henry Lam who is appointed as a director in China prime sales, reporting to Lim. Lam will be responsible for origination and coverage of China prime services clients.
Both Lim and Lam were most recently from Deutsche Bank as co-head of Asia prime brokerage sales and a director, respectively.
Market Opening
China made a landmark move by announcing a timeline for lifting the cap and opening up various parts of its financial market to foreign ownership in October last year. The latest move by Beijing to further liberalize was the removal of restrictions for foreign banks to participate in local government bond underwriting.
Various banks are also rushing to expand exposure in the market including, most recently, J.P. Morgan which was approved by Chinese regulators for brokerage, investment advisory, underwriting, and sponsorship service in the securities market for Chinese and institutional clients. China’s gargantuan brokerage industry is of particular interest due to the relatively minute exposure foreign banks have in a market dominated by around 160 domestic players.
«These appointments underpin our commitment to our regional equities franchise and, in particular, to the burgeoning China hedge fund segment, as we gear up for our China onshore expansion in 2020 and beyond,» said Neil Hosie, APAC head of equities.
