Boston, MA 10/14/2014 (wallstreetpr) – Morgan Stanley (NYSE:MS) has set its sights high in Asia especially in its Merger and Acquisition business. The company indicated its readiness to take on its peer, Goldman Sachs Group Inc (NYSE:GS), to challenge its position in the space in the region.
The company’s intention appeared to be clear when it reorganized the M&A business team in Asia. As a result, it has appointed Samuel Kim as vice chairman of its Asia-Pacific investment banking division, Bloomberg reported. This apart, it has elevated two senior bankers, Richard Wong and James Tam, as co-heads of the mergers and acquisitions team. They have replaced Kim, the report said quoting a spokesperson from Hong Kong.
The strengthening of the M&A team has become necessary for Morgan Stanley (NYSE:MS) to take advantage of the current market conditions in the region. It was one of the three frontline advisers on M&A in Asia-Pacific region, excluding Japan, from 2009. In the current year, it ranked second with deals worth at about $78.7 billion. This suggested that it was only $145 million short of Goldman Sachs Group Inc (NYSE:GS)’s concluded deals.
The data pointed out that additional efforts from the company would result in taking its position to top in the region. However, its peer would not like to remain a silent spectator, and tough competition is in the cards.
China To Remain In Focus
It appeared that Morgan Stanley (NYSE:MS) also wanted to cash in on the years of ties that its veterans developed with the customers. It was not just Morgan Stanley, but others too engaged in promoting their executives. For instance, Goldman Sachs named Richard Campbell-Breeden in June as its vice chairman of investment banking in Asia. He was the head of M&A for Asia Pacific region, excluding Japan, previously.
As far as the current elevation in Morgan Stanley (NYSE:MS), Tam was concentrating on China transactions since he joined the M&A team in 2010. He was said to be instrumental in clinching $4.7 billion Smithfield Foods Inc., acquisition for Shuanghui International Holdings Ltd.