StanChart hires JPMorgan's top mining banker in Asia, to be based in Singapore

[LONDON] Michael Willoughby, head of Asia Pacific metals and mining investment banking at JPMorgan Chase, is leaving to join British lender Standard Chartered, people familiar with the matter said.

Mr Willoughby has been named co-head of metals and mining for the region at Standard Chartered and will be based in Singapore, the people said, asking not to be identified as the appointment is not yet public.

He had worked at JPMorgan for more than 20 years.

Mr Willoughby and a representative for Standard Chartered declined to comment. JPMorgan didn't have an immediate comment.

Mr Willoughby's hire is a key move for Standard Chartered as it builds up its business advising mining companies on potential transactions.

He will report to global head of metals and mining Richard Horrocks-Taylor, who the bank hired from Royal Bank of Canada last year, the people said.

Gold deals are driving activity in the sector this year, including Newmont Mining's US$10 billion deal for Goldcorp in April, the largest deal in gold mining history, and Barrick Gold's US$5.4 billion takeover of Randgold Resources in January.

BLOOMBERG