The truth about investment banking in Asia

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“It’s an article of faith in investment banking that Asia is the future. It is where the growth economies are, the dynamic young populations, and the most vibrant trends in trade and market development. But thorough analysis of the realities of Asia’s markets suggests that global bank HQs need to temper their expectations”

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"When the IPO market is not firing on all cylinders, there is certainly an impact. But other areas can make up the shortfall" - Kate Richdale, head of investment banking for Asia Pacific at Morgan Stanley


"Asian markets are much more centred on ECM product, which is 70% of the street revenue opportunity. If you are very dependent on ECM and markets are difficult, business is difficult" - Matthew Hanning, head of investment banking, Asia Pacific, at UBS


"So many bankers in this part of the world default to equity. Having someone who is thinking cross-border and wakes up in the morning worrying about M&A is particularly important" - Robin Phillips, head of Asian Pacific global banking and markets at HSBC


"An equity business is an attractive but expensive business to run. You need a big machine and it’s expensive to build with scale" - Johan Leven, co-head of corporate finance, Asia Pacific, at Barclays