JPMorgan has promoted a senior equity trader to lead its private capital markets business in Europe – a key growth area for the US bank.

According to a note consulted by Financial news.

Skaff joined JPMorgan in September 2018 from Deutsche Bank, where he started as a graduate 15 years earlier. It has “strengthened our EM platform, allowing us to take market-leading share,” according to the note from Aloke Gupte and Alex Watkins, co-heads of Emea ECM, and Keith Canton, global head of private capital markets.

READ City banks rush to bolster private markets teams: ‘This is our first area of ​​growth’

There has been an increase in corporate fundraising through private deals in 2021, with $118.6 billion raised in the Emea area last year, according to data provider Pitchbook. That’s more than double the $54.6 billion in 2020.

Banks such as JPMorgan, Citigroup and Goldman Sachs have set up teams of specialist bankers to advise companies, often in high-growth areas such as technology or healthcare, on raising funds without going public.

JPMorgan has doubled its private capital markets team to around eight bankers over the past two years and was planning new hires, Gupte told FN in December.

“Without a shadow of a doubt, private capital markets is the number one strategic growth area for our business in Europe,” he said.

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