Bank of America hires JPMorgan’s Rahul Bhandari for private markets push

Bank of America has poached JPMorgan’s head of private capital markets in Europe, as banks in the region battle for dealmakers to work with companies before they tap public markets.

Rahul Bhandari is set to join Bank of America as co-head of private capital markets for Europe, the Middle East and Africa in the summer, according to a memo seen by Financial News. He was previously head of private capital markets at JPMorgan in Emea.

Bhandari will work alongside Aga Masud, who was promoted to lead private capital markets for Emea at Bank of America last March, following the departure of Raj Batra.

With equity fundraising on public markets in the doldrums this year, banks have looked to bolster their teams of bankers raising money for companies from private sources. In Europe, this has typically been from high-growth technology companies that have been able to raise ever-larger sums of money away from the scrutiny of listing on a stock exchange.

READ City banks rush to bolster private markets teams: ‘It’s our number one area of growth’

Citigroup, Goldman Sachs and JPMorgan have all been bolstering their teams over the past year. Aloke Gupte, co-head of equity capital markets for Emea at JPMorgan told FN last year that the bank had doubled the size of its private capital markets team in the region to around eight dealmakers and that it was the “number one strategic area of growth for our business in Europe”.

In the memo announcing Bhandari’s appointment at Bank of America, James Palmer, head of Emea capital markets, said that private capital markets was a “strategic imperative” for the bank.

“Private capital markets activity continues at pace across growth sectors and represents an ever increasing proportion of overall global capital markets activity and correlates with leading roles in future public equity market events,” he wrote.

In Europe, equity capital markets activity is down by 77% so far in 2022 to $26.3bn, according to data provider Dealogic.

To contact the author of this story with feedback or news, email Paul Clarke

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