Recruiting in China

In an unusual move, a major Chinese investment bank is starting an aggressive recruitment campaign in the U.S.

Traditionally, Chinese financial institutions had no trouble staffing up at home. Now, however -- amid a spate of major Chinese-company IPOs both at home and abroad, and increased cross-border deal-making -- the banks are looking to bring in more international experience.

Earlier this month, China International Capital Corp. kicked off its U.S. headhunting trip in New York at a Ritz-Carlton hotel near Wall Street. More than 100 professionals, mostly overseas Chinese, were invited. Senior CICC executives touted opportunities represented by China's booming capital markets.

Ding Wei, head of the investment-banking division, said the firm is looking to hire about 200 people by year end, expanding the team to 1,000. "We are looking for all kinds of talent" in risk management, product design, structured finance and even administrative posts, he said.

The CICC recruiting team next plans to head to the Wharton School of the University of Pennsylvania and other business schools in the U.S.

In the past, CICC has been famously low key. Set up in 1995 as a joint venture between China Construction Bank Corp. and Morgan Stanley's Morgan Stanley International Inc., it was China's first foreign-funded investment bank. The purpose was to set up a government-backed firm that could learn from the top-tier Wall Street firms and provide a template for future Chinese investment banks.

Mr. Ding said CICC estimates this year's revenue to be $600 million to $700 million, growing from 2006's $450 million.