Zhu resigns as Morgan Stanley's head of China

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Jonathan Zhu, Morgan Stanley's chief executive in China, has resigned. Banking sources told Financial News he is expected to become a partner at US buy-out firm Bain Capital.

Bain, which has around US$27bn in assets under management, is currently raising a fund for Asian acquisitions and plans offices in Hong Kong, Tokyo and Shanghai.

FinanceAsia.com, a Hong Kong-based website reports "strong rumours" today that Wei Christianson, chief executive of Citigroup's China investment banking business, will be offered Zhu's job.

Christianson was head of China for Credit Suisse First Boston, but resigned in June 2004, the same month chief executive John Mack departed from the bank.

She is a former head of China for Morgan Stanley and a close friend of Mack, now chairman and chief executive of the US investment bank.

Separately, Jerry Wood, who followed Mack to CSFB is re-joining Morgan Stanley.

He is the latest in a series of re-hires by Mack since he took charge of the firm last June. Others include general counsel Gary Lynch and compliance officer Stuart Breslow.

Banking sources said Wood, who was global head of fixed income at CSFB until January last year, will become a managing director in charge of recruiting.

Morgan Stanley declined to comment on both Wood and Zhu and the speculation surrounding Christianson.

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