P. Jayendra Nayak to Lead Morgan Stanley in India
HONG KONG & MUMBAI, March 18, 2010 - Morgan Stanley (NYSE: MS) today announced that P. Jayendra Nayak will join the Firm on April 5 as Chief Executive Officer and Country Head for India, based in Mumbai. The appointment comes as Morgan Stanley continues to expand and further invest in its significant and diverse operations in India.
From January 2000 until April 2009, Mr. Nayak was Chairman and CEO of Axis Bank. Under his leadership Axis became India's third largest private sector bank growing its network from less than 50 branches to over 800 during this period. He is currently an Operating Partner at Advent International Private Equity and non-executive Chairman of Motilal Oswal Asset Management Company. In 2009, Mr. Nayak became a member of the Technical Advisory Committee for Monetary Policy of the Reserve Bank of India.
"We are delighted that Jayendra Nayak will be joining Morgan Stanley to lead our operations in India," said Owen Thomas, Chief Executive Officer of Morgan Stanley Asia. "He brings extensive banking experience and expertise to the Firm, as well as proven management and business-building skills. The Firm will also benefit from his senior relationships in India and his government experience."
"Morgan Stanley has been active in India since 1993 and the country remains a strategic priority," added Mr. Thomas. "We have made significant investments over the last few years, and under Jayendra's leadership our commitment, focus on clients and business expansion will continue."
Building on the Firm's established equity and asset management businesses, Morgan Stanley has developed a successful India-based investment banking and capital markets group. For 2009, the Firm had the number one market share for India equity and equity linked capital market issuance and the number one market share for completed India M&A, according to Thomson. Leading regional finance publications IFR Asia and The Asset also named Morgan Stanley as the Best Equity House in India for 2009.
In merchant banking, the Firm has built on its established real estate investing business, launching Morgan Stanley Private Equity in India in April 2008 and Morgan Stanley Infrastructure in August 2008. In September 2008, Morgan Stanley established its onshore Wealth Management business, with offices in Mumbai, New Delhi, Kolkata and Bengalaru. The Firm's Non Banking Finance Company (NBFC) was established in June 2007 and has been assigned the highest credit rating available for its debt issuance programs. In July 2009, Morgan Stanley received a Primary Dealership license from the Reserve Bank of India, a significant step in further building the Firm's fixed income sales and trading platform.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 37 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Note to Editors
P. Jayendra Nayak
P. Jayendra Nayak was Chairman and CEO of Axis Bank from January 2000 until April 2009, a period that saw significant growth for the group.
Before joining Axis Bank, Mr. Nayak was Executive Trustee of the Unit Trust of India, prior to which he worked as a civil servant within the Indian Administrative Service. From 1990 to 1995, he worked in the Department of Economic Affairs in the Ministry of Finance of the Government of India as Joint Secretary. During this period he was a member of the Board of Directors of the Securities and Exchange Board of India.
Mr. Nayak has been a consultant with the World Bank and the Asian Development Bank. From 1999 to 2007 he was a member of the Committee for Development Policy of the United Nations.
Mr. Nayak has an MA and a PhD in Economics from Cambridge University, UK.