Joyce Chang
Managing Director, Global Head of Fixed Income Research, Corporate and Investment Bank, J.P. Morgan

If investors think emerging markets are the obvious go-to for yield and long-term growth, Joyce Chang has some sobering news for them.

Although underdeveloped markets account for about 20 percent of global capital investment flows-compared with 5 percent in the 1990s-Chang notes that many signs point to an asset class reaching its maturity. "If you actually look at credit ratings and the sovereign spreads for emerging-markets countries, they are well below many European countries," Chang said at a Council on Foreign Relations panel last spring. That makes intelligence and forecasting about emerging-market economies all the more critical, and a challenge that Chang has gamely taken on in her newly expanded role as global head of fixed-income research at J.P. Morgan's merged corporate and investment bank operations.

In addition to global credit research, she now oversees research on currencies, public finance and securitized products. Chang and her emerging markets research team have been ranked No. 1 for three straight years by Institutional Investor. Her priorities this year include working more closely with multinational corporate clients, and with sovereign wealth funds looking to diversify their asset allocation. Chang is on the Council of Urban Professionals and the steering committee for the J.P. Morgan Investment Bank Women's Network. She is involved in a range of foreign affairs groups, including the Council on Foreign Relations.

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