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FIXEDINCOME
MorganStanleylaunchesAsiafixedincomeexpansion
TheUSbankpromotesBenFalloonandisseekingtohireupto40infixedincomenextyear
asitaimstobecomeabiggertraderofproductsintheregion.
MorganStanleyhaspromotedBenFalloontohead MorganStanley’spushtobecomeaseriousfixed
ofsalesforinterestrates,currenciesandcredit incomehouse.ThebankonlyhiredRoyinMarch
(IRCC)forAsia-Pacificaspartofabroaderexpan- 2008fromMerrillLynch,wherehehadbeenco-
siondrive,
asiamoney.comrevealedexclusively. headofregionalfixedincome.
TheUSinvestmentbankisalsolookingtohire Royrevealedthathewantedtobringupto40
30to40newstaffin2010asitcontinuestobuild newstaffonboardin2010toimprovethebank’s
itsfixedincometeam,havingsetitssightson foreignexchangecapabilitiesinparticular.Hehas
becomingabiggertraderoffixedincomeproducts alreadyhiredmorethan40peopleinhisdepart-
intheregion. mentsinceOctober,althoughabouthalfofthese
BasedinHongKong,Falloon,picturedright, werereplacements.
reportslocallytoRanodeb‘Ronnie’Roy,headof Observerssaythatthebank’sdesiretogrowin
AsiaIRCC,andgloballytoRobertRooney,the thefixedincomearenaislongoverdue.
globalheadofIRCCdistribution. Onesourcefamiliarwiththebank’sactivities
“Distributionhasbeenamajorfocusforus,” said:“MorganStanleyhasnotreallyhadafixed
Roytoldasiamoney.cominaninterview.“Wehave incomepositionforafewyears,butthen[in2008]
hiredgreatpeopleandtakenourAsiafranchisea theybroughtRonnieonboard,plusothernotables
significantstephigher.” suchasLarryChi[headofChinaIRCCsales,who
Falloon,whojoinedfromCreditSuissein washiredfromCreditSuisseinSeptember]and
September2008,waspreviouslymanagingdirec- YukiHashimoto[headofregionalFXsales]from fromJ.P.MorgantojoinitsChinacorporatesales
torandheadofsalesforratesandcreditproducts CreditSuisse.It’sabigpush.” teaminOctober.
forAsia-Pacific. Othernotablehiresinrecentmonthsinclude PluslatelastmonththebankhiredCarolLin
Inhisnewcapacityhehastakenthebank’sfor- RonanMcCullough,whowasbroughtinfrom fromBankofAmerica-MerrillLynchtobecome
eignexchange,publicandprivatefixedincome GoldmanSachsinAugusttoheaditsbondand HongKong-basedmanagingdirectorofitsAsian
salescoverageunderhiswing. loanssyndicateforAsia-Pacific,andJasonGuo distressedandstressedassetssourcinganddistri-
ThepromotionofFalloonconstitutespartof andXieRong,whomMorganStanleysnatched butionbusiness.
Doubledipseenasunlikelyin‘lessdependent’Asia
HSBCeconomistsaysdomesticdemandandconsumptionhavedrivenAsia’srecoverythisyear,
makingitislessreliantontheWest.
Asiaisunlikelytoslipintoadoubledipreces- demandandconsumptionhavedrivenAsia’s destocked,whichledtoaprecipitousfallin
sioneveniftherecoveryintheUSandEurope economicrecoverythisyear,meaningitisless globaltrade.
falters,arguedHSBCrecently. reliantonWesterneconomies. Thistimearound,inventoriesintheWest
TheUSandEuropemayhaveemergedfrom HSBCstatisticsshowthatalthoughexports remainlean,soevenifaslowdownhappens,
recessioninthethirdquarter,butthereisstilla arestilldown,consumerspendingandindus- thefallinworldtradegrowthwillhavelessof
possibilitythattheycouldslipbackintonega- trialoutputhavestartedtoexpand,whichhas animpactinAsia.
tivegrowth. spurredgrowth. Asiahasenjoyedsignificantcapitalinflow
FredericNeumann,seniorAsiaeconomistat Also,severalAsiancountrieshaveresumed inthelastfewmonthsasforeigninvestorsseek
HSBC,
toldasiamoney.com:“Althoughitisnot jobgrowth,whileincontrast,USunemploy- exposuretoemergingeconomies.While
thebaselinescenario,wecan’truleouttherisk mentstillstandsat10%asofNovember.As investorscouldwithdrawcapitalinaflightto
becausetherearestilltremendousdeleverag- unemploymentdipsacrossAsia,thatmeans safety,thesecapitaloutflowsdonotappearto
ingpressuresintheseeconomies,bothforthe thathouseholdspendingshouldcontinueto poserealmacroeconomicrisks.
financialsystemsandthehouseholds,and grow. “Asia,includingKorea,whichprovedalittle
thereisalingeringriskthatwecouldseeaset- Neumannalsobelievesthatevenifadou- wobblythelasttime,cancomfortablyservice
backintheWest.” ble-diprecessioncausesexportstofall,itwill allofitsforeigndebt,”Neumannnotes.“Infact,
ButeveniftheUSandEuropeexperiencea notbeasdevastatingtoAsianeconomiesasit theregionisarguablyevenbetterprepared
doublediprecession,Asiaisunlikelytofollow wasayearago.AfterLehmanBrotherscol- nowthanintherun-uptotheLehmanbustto
suit,arguesNeumann.Forastart,domestic lapsedlastSeptember,Westerneconomies meetsuchachallenge.”
16 DEC2009/JAN2010 ASIAMONEY
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