JPMorgan pulled off a coup yesterday (April 11) when it announced it had poached Tarun Mahrotri from HSBC to head its Asia Pacific (ex Japan) FX and rates, sales and trading business. Mahrotri will also co-head the fixed income sales and trading business together with Chris Nicholas.

ôWe're very fortunate to have Tarun joining our firm," says Bill Winters, co-CEO of JP Morgan Investment Bank. "He brings unmatched experience in the local currency market, an important opportunity for us to grow revenues in the region."

HSBC veteran Mahrotri joins JPMorgan as managing director in a newly created role, reporting to Ralph Parks, David Puth and Patrik Edsparr. He will come on board in the middle of the year and continue to be based in Hong Kong.

Mahrotri moved to Hong Kong with HSBC in mid-2004 as head of regional trading, global markets, with responsibility for trading and managing risk in foreign exchange and credit for Asia Pacific. He also ran the structured rates and credit books in local currencies and co-managed the client solutions group.

Prior to moving to Hong Kong, Mahrotri was Treasurer with HSBC in India, running swaps, bonds and rates trading and did a stint with HSBC in Hong Kong before in the 1990s. He holds a mechanical engineering degree from the Indian Institute of Technology and an MBA from Bombay University.