The Rohatyn Group, a New York-based emerging markets fund led by Nick Rohatyn, has brought in Bong Consing and Goetz Eggelhoefer as its first Asia-based partners.

Consing's desire to remain in the private sector, and in Hong Kong, will end speculation that he was set to become the next Finance Secretary in the Philippines following the re-election of Gloria Macapagal-Arroyo. He left JPMorgan Chase on May 31, where he had served as co-head of investment banking.

Eggelhoefer, who had also run Asian trading for JPMorgan before its merger with Chase, has left Bank of America in Singapore where he had run its regional sales and trading desks. He was a major figure at the bank and his role is being filled by four executives.

Nick Rohatyn built JPMorgan's emerging markets desk and ran its global markets business prior to the firm's merger with Chase Manhattan. He left shortly afterwards and established the Rohatyn Group, which invests in an array of emerging-market strategies, including portfolio, hedge fund and direct investment. The Rohatyn Group, less than two years old, has nearly $900 million in assets under management.

Among the Group's board members is Nick's father, Felix Rohatyn, a New York legend who ran Lazard Freres and served as US ambassador to France under President Bill Clinton.

Eggelhoefer will set up the Rohatyn Group's Asia trading operations in Singapore, while Consing will search for special situations and other investment opportunities.

People familiar with Rohatyn Group say it has been looking for people with commodities and equities expertise, and expressed surprise at its hiring of Consing, a debt capital markets veteran who does not have investment experience. But he is such a well-known figure that some people speculate he may play a capital-raising role as well.

Consing says he and Eggelhoefer were offered a partnership role because the Group, which already has regional investments, needed an on-the-ground presence. "You can't do emerging-markets investing without Asia," Consing says.

The two new partners are in the process of building a team in the region, with an emphasis on traders and corporate finance specialists. "The pipeline of potential hires is already pretty full," Consing adds.

Consing's role at JPMorgan has been assumed by M&A specialist Todd Marin, who will serve alongside Consing's former investment banking co-head Sean Wallace.

Eggelhoefer's departure has forced BofA into a large restructuring, according to a BofA official. Eggelhoefer ran the currency and trading desks in London and Tokyo before he moved to Singapore for BofA.

Now BofA's debt origination will be headed by John Liles, institutional sales by Alvin Chua, Japan and Greater China debt markets by Edward Png and Korea and Singapore debt markets by Scott Jung. All four report to Colm McCarthy, regional president in Singapore, and Arrington Mixon, head of international debt in London.