Hong Kong Exchanges Names JPMorgan's Nicolas Aguzin as New CEO
09 February 2021 - 10:18PM
Dow Jones News
By Joanne Chiu
The operator of Hong Kong's stock exchange named JPMorgan Chase
& Co. veteran Nicolas Aguzin as its next chief executive, as
the city's markets enjoy a boom in stock trading and new
issuance.
Mr. Aguzin, 52, will take the helm of what is now the world's
most valuable exchange group, according to S&P Global Market
Intelligence data, with a rally in its own shares lifting Hong Kong
Exchanges and Clearing Ltd.'s market capitalization to around $85
billion.
HKEX has benefited from a rush of capital-raising by Chinese
technology startups and U.S.-listed Chinese companies seeking a
secondary listing in the city. Trading turnover has also surged,
thanks in part to growing inflows from mainland Chinese investors.
HKEX shares have hit records, gaining 92% in the past 12 months,
according to S&P.
On Wednesday, HKEX said it appointed Mr. Aguzin as CEO effective
May 24 for a term of three years. He takes over from Calvin Tai,
who had been holding the role in an interim capacity.
HKEX's previous CEO, Charles Li, also a former JPMorgan banker,
said last May that he planned to step down. He left the exchange at
the end of 2020 after a 10-year stint.
The company cited Mr. Aguzin's global experience and knowledge
of capital markets, plus his "track record of strong leadership,
his excellent regional and international relationships and his
global outlook," as reasons for the hire. The appointment requires
approval from Hong Kong's Securities and Futures Commission.
Mr. Aguzin has been at JPMorgan since 1990. He served as
chairman and CEO for the Asia-Pacific region from 2012 to 2020, and
was most recently the head of its international private bank. He
worked previously in New York and Buenos Aires with JPMorgan, and
speaks Spanish, Portuguese and English.
In a statement, JPMorgan Chase Chairman and CEO Jamie Dimon
congratulated Mr. Aguzin on the new role, calling him an
outstanding leader. JPMorgan said it will promote Martin Marron,
its CEO of private banking in Latin America and Canada, to succeed
Mr. Aguzin.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
February 09, 2021 06:03 ET (11:03 GMT)
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