HONG KONG, June 5 (Reuters) - JPMorgan has poached UBS banker David Xu as head of its China equities business, according to an internal memo seen by Reuters, as the U.S. investment bank prepares to launch its majority-owned onshore securities joint venture.
In March, JPMorgan won Chinese regulatory approval to set up a brokerage business in the world's second-largest economy under new rules that allows foreign banks to take controlling stakes in the local joint ventures.
Before joining JPMorgan, Xu worked with UBS in different roles in China including as the Swiss bank's country head of equities and equities sales businesses, said the memo sent to the U.S. bank's staff.
A spokeswoman for JPMorgan confirmed the content of the memo.
Xu will be based in Shanghai, and will report to JPMorgan Asia Pacific head of cash equity sales and trading Ryan Holsheimer.
JPMorgan also named Nick Lai, who is the bank's Asia Pacific auto research analyst, as the head of its China equity research, the memo said. Karen Li will become co-head of Hong Kong equity research along with Cusson Leung, it said. (Reporting by Sumeet Chatterjee; Editing by Stephen Coates)