Morgan Stanley (NYSE: MS) today announced plans to establish a prime brokerage team in Singapore to enhance its services to hedge fund clients. Building on the Firm’s increasing presence in the region and global commitment to the
alternative investment industry, the new initiative reflects the growing importance and size of the Singapore market and the increasing demands of the hedge fund community.
Ronald Ong, Morgan Stanley’s CEO for South East Asia, said, “We continue to invest across our businesses responding to the growing needs of our clients and to Singapore’s dynamic pace of development as a financial centre.”
Morgan Stanley’s new Prime Brokerage office, which will open in Singapore later this year, will build on the Firm’s long history in Singapore and long association with Singapore’s hedge fund market. As the first full service prime broker provider, the Firm has been active in the Singapore alternative investment market since 1997. According to data provided by Eureka Hedge, Morgan Stanley is the country’s leading prime broker by assets under management.
“Our clients are asking us to be closer to them,” said Kurt Baker, Morgan Stanley’s Asian Regional Head of Prime Brokerage. “Their businesses are becoming increasingly sophisticated and complex, which is changing the model. With the growth evident in both Singapore based start-up hedge funds, as well as with players entering the market from other countries, client proximity and on-the-ground support is clearly the right next step.”
Pasquale Rombola, Managing Director and Singapore Head of Institutional Equities Division, said: “The expansion of our prime broking capability in Singapore builds on investments in our institutional equities business over the past several years. Significant resources have been added in cash and derivative coverage of the ASEAN markets. The division’s headcount has increased by 50% over the last 18 months and reflects the continuing growth of hedge fund and traditional fund activity emanating out of Singapore.”
Johnny Heng, Head of Global Equities Trading and Quantitative Equities at the Government of Singapore Investment Corporation, said, “Morgan Stanley’s plans to establish a prime brokerage team in Singapore bears testimony to the healthy growth of the hedge fund industry here. This should give more reasons for new hedge funds to be started in Singapore now that they can have on-the-ground prime brokerage support and services.”
Since 1981 Morgan Stanley’s Prime Brokerage group has drawn upon the experience, resources and technology of the entire global organization to deliver services to hedge fund clients. Core services include clearance and custody, financing, client technology, securities lending and customized reporting. Value-add services include capital introduction, risk management, administration and reporting, strategy, trading and ideas generation. In Asia, the Firm has Prime Brokerage offices in Hong Kong, Tokyo and Sydney.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Contact: Media Relations, Nick Footitt, 852.2848.6847