JP Morgan has hired Thomas DuCharme, formerly a senior Deutsche Bank executive, for a newly created role as Asia-Pacific chief executive of treasury and securities services (TSS).

After gardening leave, he will join JP Morgan in Singapore in the third quarter. He will be in charge of all aspects of the business in the region, including cash management, securities services and trade finance. He reports to Heidi Miller, New York-based global chief executive of TSS, and to Gaby Abdelnour, JP Morgan's Asia-Pacific CEO.

Laurence Bailey, regional CEO of worldwide securities services, and Simon Jones, regional executive of treasury services, will report to DuCharme.

Sources say Bailey will retire at the end of this year at which time a new regional worldwide securities services executive will be announced. He has been with the bank for more than a decade.

Deutsche Bank was said to be surprised by the departure and has no immediate successor. Ng Kim-Cheang, regional COO of transaction banking, will fill the gaps in the meantime. Among DuCharme's accomplishments with Deutsche was to oversee the expansion of Islamic fund services into Malaysia this April.