JP Morgan activism defense chief David Hunker has left the bank to join professional services firm EY, Reuters reported on Monday.
The banker had led the activism efforts at JP Morgan since 2017 and worked in the M&A team since February 2009. He will likely join EY to help grow its shareholder engagement practice at the end of 2020, Reuters said.
According to the news agency, which cited an internal memo, JP Morgan has appointed David Freedman to lead the practice, with Benjamin Wilson made regional head for North America, Kirshlen Moodley for Europe, the Middle East and Africa, and Koichiro Doi for the Asia Pacific region.
Cut-throat competition for activism defense mandates, which can lead to lucrative deal fees for investment banks further down the road, have led to a growing field of providers, although there were signs of consolidation earlier this year when Raymond James’ Duncan Herrington joined a well-established practice at Moelis & Co.