HSBC beefs up its private equity coverage team in Hong Kong
Private equity firms are be the heroes that banks are looking to to restart M&A revenues, and they’re hiring private equity specialists in anticipation of the day the cavalry comes in.
Jonathan Au-Yeung is the latest. He joined HSBC in Hong Kong earlier this month as part of the bank’s financial sponsors coverage group in the region after more than 13 years with ANZ, the Australian bank.
Most recently, he was ANZ’s head of research and analysis for financial sponsors in Asia; he worked with the financial institutions group before that, and moved to Hong Kong from Melbourne for the bank.
HSBC building up its financial sponsors team is more than just a prudent measure. Financial sponsors, usually known as private equity firms, are the current great hope of the banking industry; as M&A revenues have dried up, banks are increasingly looking to the massive build-up of “dry powder” (deployable capital) amongst private equity funds to kickstart M&A activity again.
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