HONG KONG: Morgan Stanley’s mergers advisory business in Asia outside Japan pulled in record fees last year and the firm gained market share in equities, helping partially shield it from an investment-banking contraction that prompted competitors like Goldman Sachs Group Inc to cut jobs.
A surge in overseas acquisitions by Chinese companies and the pullback by some rivals in Asia played into Morgan Stanley’s hands in 2016, according to Gokul Laroia, co-chief executive officer for the Asia-Pacific region excluding Japan.