Investing
JP Morgan’s Ong to lead Southeast Asia private credit business – memo
![](https://personalfinancedefined.com/wp-content/uploads/2023/05/LYNXMPEAB90RZ_L.jpg)
© Reuters. FILE PHOTO: A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier/File Photo
MUMBAI (Reuters) – Reuben Ong, a senior banker at JP Morgan Chase (NYSE:), will lead its private credit financing business in Southeast Asia, an announcement seen by Reuters showed, as borrowers look for alternative financing options.
Ong has been with JP Morgan for more than 13 years and his tenure has dovetailed with the bank becoming “a top three player in Southeast Asia” debt capital markets (DCM), said the announcement, which a spokesperson confirmed on Wednesday.
Ong currently leads the firm’s Southeast Asia DCM, a role which will now be taken by Puja Shah, an executive director who has been at JP Morgan for over eight years.
Private credit is financing provided by a lender other than a bank, often into securities of unrated or lower-rated companies.
As interest rates have risen the fastest in decades, borrowers are seeking different sources of capital, even if they can be riskier for lenders seeking higher returns.
JP Morgan said Ong’s move is “building on the success of our India private credit financing offerings” amid surging client demand in Southeast Asia.
The private credit asset class is expected to be worth $2.8 trillion by 2028 according to data firm Preqin, nearly doubling from $1.5 trillion in 2022 and growing 11% year-on-year.
Read the full article here
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/pf-logo.png)
-
Personal Finance5 days ago
Americans reveal their biggest financial regret about potential retirement
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.88% By Investing.com
-
Side Hustles6 days ago
5 Key Strategies for Attracting and Retaining Top Talent
-
Passive Income4 days ago
5 Ways to Push Past Your Comfort Zone
-
Make Money6 days ago
A Labor Day Salute to You — the American Worker
-
Personal Finance6 days ago
Fed interest rate cuts won't help your credit card debt
-
Passive Income6 days ago
Work Smarter with 12 Months of Microsoft 365 for Just $45
-
Side Hustles5 days ago
Don’t Wait to Fire That Toxic Client — It’s Vital For Your Business Health