JP Morgan opens dedicated office in South Africa

Johannesburg - JP Morgan Chase rehired a trader from HSBC Holdings as the biggest US bank sets up prime brokerage operations in South Africa for the first time.

Lebogang Moropa rejoined the bank this month in Johannesburg and will focus on “synthetic and cash prime brokerage and securities lending,” JP Morgan spokesperson Patrick Burton said in an e-mailed response to questions.

The hiring marks the first time JP Morgan has a “dedicated presence” for prime brokerage and equity finance in South Africa after previously offering the service from outside Africa, he said.

Moropa’s hiring follows recent moves among US and British banks in equity derivatives and equity finance.

Morgan Stanley recently hired Eric Govind from Goldman Sachs Group, two people with knowledge of the matter said last month. In March, Imraan Moola stepped down as head of Citigroup’s equity derivatives trading for the EMEA region in London.

Moropa was previously an equity derivatives trader with HSBC in South Africa, having moved to the bank from JP Morgan.

Prime brokerage services offer selected clients the possibility to borrow securities and cash for their own use.