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From left to right: Morgan Stanley Japan Securities president Jonathan Kindred, Morgan Stanley co-president Walid Chammah, MUFG president and CEO Nobuo Kuroyanagi and Mitsubishi UFJ Financial Securities president Fumiyuki Akikusa shake hands in Tokyo on March 26 |
UPDATE: Morgan Stanley/MUFG agreement goes from potential feast to dog’s dinner
19 November 2009
Morgan Stanley’s new tie-up with Mitsubishi UFJ Securities has begun to bear fruit for the US bank, amid yet another period of turmoil for Japan’s local investment banking franchises.
The joint venture gives Morgan Stanley access to clients of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking conglomerate and the owner of the similarly named subsidiary with which Morgan Stanley has partnered. Bankers at rival firms in Tokyo are forced to admit that they are already feeling the effects of Morgan Stanley’s new clout with local clients.
The US...
