Morgan Stanley has hired Naoyuki Kumon, formerly Societe Generale¡¯s head of sales to Japan¡¯s regional financial firms, as global banks increasingly vie for business from small local lenders.
Kumon left Societe Generale earlier this year and started at Morgan Stanley MUFG Securities this week to work in a similar role, according to people familiar with the matter, who asked not to be identified discussing internal matters.
A spokesperson for Morgan Stanley MUFG Securities declined to comment. A spokesperson for Societe Generale also declined to comment.
Japan¡¯s regional lenders are reshaping their balance sheets as the economic environment changes, creating fresh opportunities for foreign and domestic brokerages to sell them tailored financial products. Fukuoka Financial Group, the nation¡¯s largest regional bank, is for example seeking to invest in overseas private assets and infrastructure financing.
Morgan Stanley hired a trio of UBS Group employees two years ago to bolster sales of structured investment products to regional lenders. UBS¡¯s local securities arm for its part has recently recruited Kazuhiko Fukaya, a former Goldman Sachs Group head of sales to Japanese regional banks, on top of three senior salesmen who joined the Swiss firm from elsewhere last year.
Morgan Stanley MUFG Securities is likely to post a fourth straight year of record net revenue for the 12 months ended March, its president Alberto Tamura said in an interview in January.
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