JP Morgan’s global investment banking chief will take on the additional role as Hong Kong-based chief of Asia-Pacific,underlining the growing importance of the region.

JP Morgan’s global investment banking chief will take on the additional role as chief of Asia-Pacific, and relocate to Hong Kong, marking a milestone for the US bank and underlining the growing importance of the region. 

Jeff Urwin is going to be busy. Currently head of global investment banking coverage, capital markets and mergers & acquisitions, the ex-Bear Stearns executive will shoulder the additional role of Asia-Pacific chief. Urwin will be responsible for overseeing all of the US lender’s strategic activities in the region, along with his current global banking responsibilities, said the firm in a statement.

He will relocate from New York in May and will continue to report to Jes Staley, chief executive of the investment bank.

This is the first time JP Morgan's global head of investment banking will be based in Asia-Pacific. "Basing our global head of investment banking in Asia Pacific further cements our ongoing commitment to the region and its importance to our global franchise,” said Staley.

Urwin succeeds Gaby Abdelnour, the current head of Asia-Pacific, who announced in March that he would be leaving the bank this summer, after 14 years with the firm. It is not clear where he is going.

Prior to his global banking role, Urwin was co-head of investment banking for North America. Before joining JP Morgan, he was co-head of global investment banking at Bear Stearns. Earlier in his career, Urwin was head of global emerging markets for Lehman Brothers. 

The move is reminiscent of last month's promotion of Matthew Koder, the former head of Asia-Pacific corporate and investment banking at Bank of America Merrill Lynch, to president of the region.

Industry sources say global banks are increasingly struggling to find enough talented senior relationship managers in the region to meet their hiring ambitions. Instead of poaching from rivals, which is becoming very expensive, banks in the region are starting to focus on developing and training their existing ranks.  

Despite the challenges of operating in the region, over the past six years, JP Morgan's Asia-Pacific business has made robust headway. It has doubled in size and tripled its net earnings. The bank has also executed strategic initiatives in China, including the establishment of a securities joint venture with First Capital Securities, setting up a locally incorporated bank and opening a series of new branch offices in the country.

JP Morgan has assets of $2.3 trillion under management globally and is one of the top ten largest wealth managers.