J.P. Morgan moves Rohit Chatterji to India to lead investment banking

Rohit Chatterji is moving to Mumbai to become head of investment banking for India at J.P. Morgan -- a position that was left vacant when Vedika Bhandarkar resigned recently.

Bhandarkar, who had been head of investment banking for India since 1998, is moving to Credit Suisse in Mumbai to take up a position as vice-chairman and head of investment banking.

Chatterji is moving barely a year after he transferred to Hong Kong to a newly created role as head of debt capital markets for Asia with primary responsibility for developing the US investment bank's DCM business in emerging Asia. Chatterji took up the DCM assignment in August 2009. He was previously head of Southeast Asia corporate finance in Singapore, a position he had held since 2004. He moved to Singapore after a stint in Hong Kong between 1998 and 2003.

The firm was keen to fill the vacancy with someone internal, said a source close to the development. The India investment banking franchise at J.P. Morgan has done well and has capitalised on the early mover advantage of having had its own subsidiary in the country since 1998. It was important that the new appointment be someone who has a network and connections within the system. Chatterji continues to report to Todd Marin, head of Asia-Pacific investment banking, in his new role.

Chatterji takes charge of a team of 22 investment bankers across the Indian business. He will work across all of J.P. Morgan's business lines in India and will also leverage his internal relationships to see how new businesses the firm may be involved in outside India can be brought to the market.

Chatterji began his career working in India even though he has been away since 1998. He is familiar with the team and some of the clients as he has worked with them on some deals in his earlier roles in Singapore and HK.

Chatterji may have to build relationships with clients who have grown in stature and importance during his time away. In this he will be ably assisted by Kalpana Morparia, said sources. J.P. Morgan hired Morparia as chief executive officer of the firm's India operations in September 2008. Morparia was then vice-chairman of the ICICI Group's insurance, asset management and securities companies. She is a veteran ICICI banker who joined the firm in 1975 and retired as joint managing director in 2006. During her 33-year career with ICICI Bank, India's largest private-sector bank, Morparia interacted with the who's who of corporate India.

A replacement for Chatterji as head of DCM will be announced shortly, according to a source. Someone has already been identified, but some minor issues need to be ironed out.