Morgan Stanley Hires Ezawa for Japan Fixed Income
May 31, 2010, 12:45 AM EDT
(Adds Bank of America hiring in eighth paragraph.)
Ezawa, 42, this month joined Morgan Stanley MUFG Securities Co., a joint venture with Mitsubishi UFJ Financial Group inc., to help boost fixed-income sales to listed Japanese companies and add new clients, the Morgan Stanley memo said.
New York-based Morgan Stanley in April posted earnings that beat analysts’ estimates as fixed-income trading revenue more than doubled from a year earlier. the bank follows UBS AG and other overseas banks in luring executives away from rivals in Japan after the value of domestic bond transactions in the country rose 12 percent to 16 trillion yen ($174 billion) last year.
Natsuo Nishio, a Tokyo-based spokesman for Morgan Stanley, confirmed the hiring, without commenting further. Ezawa wasn’t immediately available for comment.
Morgan Stanley and Mitsubishi UFJ started two joint ventures this month for investment banking and trading. Teaming up with Mitsubishi UFJ, which invested $9 billion in the Wall Street firm in 2008, may help Morgan Stanley bolster its ranking in advising on Japanese mergers and securities underwriting.
Mitsubishi UFJ ranked second in Japanese domestic bond underwriting last year and Morgan Stanley ranked eighth, according to Bloomberg data.
First-quarter revenue from fixed-income sales and trading at Morgan Stanley jumped to $2.7 billion last quarter from $1.29 billion a year earlier helping it return to a net income of $1.78 billion in the period, it said in a statement on April 21.
Ezawa will be a managing director at the bank, according to the internal memo.
UBS, Switzerland’s biggest bank, earlier this month hired former Nomura Holdings inc. executive Zenji Nakamura to run its fixed income, currencies and commodities unit in Japan. Bank of America Corp. last month recruited Tomomi Kikuchi from JPMorgan Chase & Co. to head sales of mortgage-backed securities in Japan. Merrill Lynch Japan Securities Co., a unit of Bank of America, in April appointed Kikuchi as a managing director.
–Editors: James Gunsalus, Brett Miller
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net
Morgan Stanley Hires Ezawa for Japan Fixed Income
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Tags: joint venture, ubs ag
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