Ajay Kapur

Managing Director, Head of Asia Pacific & GEMs Strategy Research, BofA Securities

Ajay Kapur is the Asia Pacific Equity Strategist and Global Emerging Markets (GEM) Strategist.
His team's key products include The Asia Inquirer and The GEMs Inquirer. He has one of the
most highly regarded franchises in equity strategy and has been consistently top-three rated in a
range of major global and Asian external surveys over the years. Prior to joining BofA Merrill
Lynch Global Research in 2013, Kapur served as head of Asia strategy at Deutsche Bank, which
he joined in 2010. Previously, he held senior equity strategy roles at Mirae Asset and Citigroup.
While at Citigroup, he wrote extensively on economies with significant income and wealth
inequalities under the umbrella term Plutonomy. Other innovative work produced by his team
includes concepts like Risk-Love (sentiment), the Demi-Ashton Ratio, and Free Liquidity. Kapur
graduated with an economics (Honours) degree from St. Stephen’s College, Delhi University,
has a PGDM (MBA-equivalent) from the Indian Institute of Management, Ahmedabad, and a
Master in Public Affairs from Princeton University, where he received the Woodrow Wilson
fellowship. He is also a CFA charterholder. He is currently based in Hong Kong.