Magic Circle firm Linklaters’s Asia managing partner, Zili Shao, will leave the firm in 2010 to head JPMorgan’s Chinese business as chairman and chief executive. Shao succeeded Giles White in April 2009 as the firm’s Asia managing partner.
Shao’s new role at the company’s Hong Kong and Beijing offices will help push JPMorgan’s mainland expansion plans. He will assume a key role in JPMorgan’s attempt to find a JV partner to trade domestic stocks, after the company incorporated its local operations last year.
Shao is also expected to broaden the company’s myriad business lines in China. “JPMorgan has immense scope to grow its China franchise, based on its major achievements in recent years and the firm's high reputation. I'm excited by the firm's potential in China and by the commitment of the management to a long-term investment plan,” he said.
The latest change in the firm’s ranks marks the fourth time that a position has been vacated for a role with one of Linklaters’ long-standing clients. Former managing partner White left the firm after 20 years service to join ex-London partner Charles Allen Jones in-house at Jardine Matheson, an Asian multinational corporation.
Shao will leave the firm after 11 years as a partner.
The recent departures question the firm’s plans to strengthen its relationships with existing clients. JPMorgan ditched the law firm from its list of preferred adviser mid-last year, following a row over the firm’s role in suing Bear Stearns on behalf of Barclays Bank. However, the firm seems to be steadily stepping up its business relationship with the financial institution after being reappointed to the list.
“We look forward to working closely with Zili as a client,” said Simon Davies, Linklaters’ London-based firmwide managing partner.
Related stories: