JP Morgan has replaced Asia ex-Japan fixed income investor sales head Simon Derrick with Sharad Desai and Sudhir Goel as part of a reorganization of its business in the region, according to sources familiar with the matter.
Desai will lead coverage of global clients, while Goel will focus on sales to local clients in Asia. Both report to Pranav Thakur, who was appointed head of fixed income for emerging Asia on January 31. Thakur replaced Tarun Mahrotri, who left the firm to pursue other opportunities, according to the bank.
The appointment of Desai and Goel forms part of JP Morgan's strategy of splitting its fixed income sales efforts in the emerging Asia division, which excludes Japan and Australia, between global and local clients.
Derrick, who declined to comment when contacted by Reuters, was expected to pursue a job within the bank outside of the emerging Asia sales division, according to sources familiar with the matter.
(Reporting By Lawrence White in HONG KONG; Editing by Chris Lewis)
(This story was corrected to amend the third paragraph to make clear that the separation of emerging Asia division from Japan, Australia is not a new development)