So much for Nomura’s bonus offer to try to retain Lehman Brothers’ bankers in the Pacific Rim. It seems many are already getting cold feet and a key team has jumped ship to Merrill Lynch.
WSJ Deal Journal: Rival investment banks are taking aim at Lehman Brothers bankers in Asia who are anxious about joining Japan’s Nomura Holdings Inc. Merrill Lynch & Co. has landed the first sizeable catch: the soon-to-be arm of Bank of America Corp. is hiring away Lehman’s six-man power sector coverage team led by banker James Chapman.
The move gives Merrill Lynch a chance to beef up in a coverage area that has been active in Asia. Singaporean sovereign wealth investor Temasek Holdings Pte. Ltd. has sold two of three power generation units in the island city-state to international investors. Mr. Chapman’s team at Lehman Brothers advised China Huaneng Group when it won the first auction, paying US$3.1 billion for Tuas Power.
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