JPMorgan hires Zhai as Managing Director in China

JPMorgan Chase & Co. hired Philip Zhai from Macquarie Group Ltd. as a managing director in its China investment banking team, the company said in an internal memo today.

Zhai, the head of telecommunications, media and technology in China at Macquarie Capital since 2007, will focus on clients in the general industrial sector, according to the document, which was confirmed by JPMorgan’s Hong Kong-based spokeswoman Marie Cheung. The hiring of Zhai comes after the New York-based investment bank appointed Frank Gong, its China strategist, as vice chairman of investment banking in the country in July. Before joining Macquarie, Zhai spent four years at Shanghai Industrial Holdings Ltd. as head of investments.