Morgan Stanley (NYSE: MS) today announced that Sean Chao will join the Firm in early December as Chief Executive Officer for Taiwan, based in Taipei. The appointment comes as Morgan Stanley continues to build on its historic success in the market.
Mr. Chao, an 18-year veteran of UBS AG, has been the Swiss bank's Head of Taiwan since 1998. In addition, he was Head of Taiwan Investment Banking from 1993 to 2004 and Chairman of UBS Asset Management Taiwan from 2004 to 2005. Mr. Chao also played a significant role in the establishment of UBS's domestic wealth management business in Taiwan in 1999 and 2000.
"This is an important hire for our Taiwan and broader Asia franchise," said Owen Thomas, Chief Executive Officer of Morgan Stanley Asia. "We are delighted that Sean will be joining to lead our operations in Taiwan. He brings a wide range of investment banking, wealth management and asset management experience to the role, as well as proven leadership and business-building skills. The Firm will also benefit from his extensive senior corporate and government relationships."
"Taiwan is an important and growing market for us and one in which Morgan Stanley has a leading track record and significant growth plans," added Mr. Thomas. Morgan Stanley said that it continues to gain market share in its equity sales and trading business and is currently the number two ranked international broker in Taiwan. The Firm is also expanding its fixed income and private wealth management operations. In addition, its investment banking division has advised on many of Taiwan's most significant transactions, and was named as Taiwan's Best M&A House by Euromoney magazine in its 2010 Awards for Excellence, announced in June.
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 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Note to Editors:
Sean Chao, 55, joined UBS Taipei in 1993. Mr. Chao began his career in corporate banking with Seattle-First National Bank and later with Westpac. From 1988 to 1990 he was based in Sydney, Australia, with Westpac Project & Advisory Services where he advised on project finance and M&A mandates between Asia and Australia.
Mr. Chao has a bachelor's degree in Political Science from National Taiwan University and an MBA from the University of Chicago.
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