Point72 Asset Management has hired Shinji Ogawa, a senior equities executive from JPMorgan, as its new Head of Japan amid intensifying competition for talent in one of the world’s most active hedge fund markets, according to a report by Bloomberg.

The report cites an internal memo as revealing that Ogawa, who led Japan cash equity sales at JPMorgan Securities, will join in November and report to Marc Desmidt, Point72’s Head of Asia-Pacific. He replaces Toby Bartlett, who stepped down earlier this year to take on an advisory role.

With 25 years’ experience across Japan and the US – including a stint at Evolution Japan Asset Management before joining JPMorgan in 2016 – Ogawa’s appointment underscores Point72’s commitment to scaling its Tokyo business as global investors pour into Japanese equities and rising bond yields fuel trading opportunities.

Point72, which manages $39.9bn globally, first established a Japan office in 2011 and relocated to a larger Tokyo base earlier this year to support its growth.