Lender eyes doubling its number of stock analysts as it beefs up equity business in Asia.
Standard Chartered Plc, the U.K. bank that makes most of its profit in emerging markets, will hire stock analysts and traders in India and South Korea to expand its operations in Asia.
London-based Standard Chartered may appoint an executive to oversee growth in India as early as the second quarter, Tim Andrew, global head of cash equities, said in an interview in Hong Kong. The bank may almost double its number of stock analysts in the next 12 months, said David Murray, global head of equity research. It currently has about 40 analysts.
“This is not a marginal tweak of the platform," said Andrew, who is based in Hong Kong with Murray. "We're building a business and it's not unreasonable to think that we will be most likely one of the top two hirers in terms of number of bodies in equities in 2010 and 2011."
Their hiring plans extend on Standard Chartered's purchase of Cazenove Asia Ltd. from JPMorgan Cazenove Ltd. to develop its equity-capital markets and institutional-brokerage businesses in the region. The bank has fewer than 100 employees in its Asia equities-related businesses, compared with between 250 and 300 at its biggest rivals, Andrew said.
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