Japan-based Mitsubishi UFJ Financial Group is reportedly planning to poach more investment bankers on secondment from its partner Morgan Stanley.
The move is aimed at strengthening Mitsubishi’s position as Japan’s top cross-border mergers and acquisitions advisor.
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Takashi Nagaoka, CEO of the joint venture, told Bloomberg that nearly 100 employees from Morgan Stanley already work at Mitsubishi UFJ Morgan Stanley Securities Co but did not confirm how many staff are likely to add.
Nagaoka added that Mitsubishi UFJ Morgan Stanley, which now has 450 investment-banking staff, is seeking to add 30 to 50 more staff to manage with a recent growth in business.
Nagaoka said: "More Japanese firms can enter world markets as they have high-quality products and technology. We want to boost the number of workers from Morgan Stanley (MS) as Japanese corporates seek more growth opportunities."
In 2008, Mitsubishi UFJ Financial and Morgan Stanley have reached an agreement under which MUFG is investing $9 billion in equity in Morgan Stanley for a 21% interest in the Company, In 2011, both the banks set up two brokerages and signed a deal under which Mitsubishi UFJ will borrow staff from the US firm.
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By GlobalDataThe publication reported that this year Mitsubishi UFJ Morgan Stanley has advised on 21 takeover deals in Japan valued at $26.5 billion.
"We want to operate our M&A business in a way that ensures we take a permanent place as the top adviser. Our M&A team is very busy, so we want to add people," said Nagaoka.
