JP Morgan continues to evolve its Asia-Pacific securities services business with the appointment of Shaun Parkes as its first Asia ex-Japan head of worldwide securities services.
Parkes will oversee growth and development, including sales, strategy, client management and services, and operations of the bank's securities services in Asia. Working alongside the bank's worldwide securities heads in Australia, India and Japan, he reports to Laurence Bailey, JP Morgan worldwide securities services Asia-Pacific CEO.
"The creation of this role is the next step in our ongoing efforts to take into account the different and evolving needs of our Asia-Pacific client base, with each sub-region having very separate and distinct needs and requirements," says Bailey. "This is a natural extension of our existing management structure."
The other executives in JP Morgan's Asia-Pacific worldwide securities services team are Australia head Jane Perry, India head Ravikanth Konteti and Japan head Roger Brown.
Parkes will relocate to Hong Kong from the bank's London offices. In London, Parkes worked as global head of depositary receipt sales and client management. While in this role, he completed such deals as winning the mandate for Nigeria's Guaranty Trust Bank's global depositary receipt offering in London.
"With the valuable experience and insight [Parkes] has built up, he will oversee [the securities services] business in the Asia-Pacific," says Bailey.
Kenneth Tse remains JP Morgan's Asia-Pacific regional head of the depositary receipts group.
Globally, JP Morgan has $13.2 trillion in assets under custody and $3.7 trillion in funds under administration.