Morgan Stanley has transferred two senior executives from New York to Hong Kong to bolster its prime brokerage operation. The additions will help the firm focus on sales and capital introductions.
Richard Webb is moving from the Asian equities sales desk in the Big Apple to a newly created role as executive director and head of regional business development. He will report to Kurt Baker, managing director and head of prime broking for Asia. Webb will lead the non-Japan Asia sales and capital introductions team, a function currently filled in Japan by Yoji Koga.
Webb is an Australian native who has spent nearly seven years with the firm. His duties in New York will now be covered by Simon Footit.
"Richard's analytical skills and seasoned Asian market experience will help our clients in the region," says Baker. "His transfer also enhances our focus on global integration and follows last year's relocation of Gerry Coughlin, previously head of Asian equity distribution in Hong Kong, to New York as co-head of US prime brokerage."
Webb will be supported by James Fallon, who has been promoted to vice president. He has been based in New York with the firm since 1998, most recently working in its capital introductions unit.
Fallon's new job will cover the region. Baker says, "James' North American investor experience covering endowments and pension funds is of particular value to us. He will liaise with our prime brokerage teams in the US, bringing American investors to Asia and vice versa."