Morgan Stanley and Lehman Brothers have become the latest investment banks to open research and broking businesses in Asia, as firms flock to the region to offer services the world’s fastest growing economies, Financial News reports.
Morgan Stanley has created an equity research team to bolster its Middle East operations, based in Dubai. Lehman Brothers has agreed to buy the broking business of Mumbai-based Brics Securities.
Morgan Stanley’s new equity research team will be lead by Sean Gardiner, who has been with the firm since 2000 and currently heads up the bank’s telecommunications research team for Europe, the Middle East and Africa. Gardiner will be joined by three new hires.
Mai Attia joins Morgan Stanley as a vice-president from Egyptian lender EFG. Marwa el Sheikh joins from Citi as a vice-president to cover financial companies across the region. Tammam el Barbir joins from EFG Hermes investment banking and will also cover financial stocks.
Separately, Lehman Brothers this morning announced the acquisition of Mumbai-based Brics Securities, which was founded in 2003.