Private credit might be less attractive than it was last year as investors rush into the market, but there are sweet spots to be found.
At that time Parks had stepped down as CEO, but retained the chairmanÆs role. He was replaced as CEO by Gaby Abdelnour, who was transferred by JPMorgan from its European operations.
Parks, who has 30 years of investment banking experience and was formerly with Goldman Sachs, joined JPMorgan in July 2000 and moved to Asia in April 2001 û where he combined the chairman and CEO roles.
In a written statement on Friday, Parks said: ôI retire from the firm at a time of unprecedented opportunity for growth from its strong base across the region. I offer JPMorgan my best wishes for continued prosperity.ö
It is reckoned that Parks will remain in Asia, and there is considerable speculation about what he might do next. Some predict he will take a senior role at a private equity firm, capitalising on his broad relationships around the region.
Abdelnour, meanwhile, has been conducting whistlestop tours throughout the region that he is now running, including to Japan. Indeed, it is reckoned that one of AbdelnourÆs key priorities will be to upgrade the performance of the firmÆs Japanese investment banking business.
A JPMorgan source said there are no immediate plans to install a new chairman in the wake of ParkÆs resignation.
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Hesitancy aside, institutional investors eye Australia and Japan as promising geographies for private debt investments within Asia Pacific, with Greater China and Korea on the periphery.
While Asia still lags the global average, interest in sustainable projects is growing fast; the only thing needed now is the expertise to drive growth
Regulators keep their eyes open on tightening insurance industry by introducing more detailed risk management requirements, which could bring pressure on smaller players.