Morgan Stanley earns record fees from Asia ex Japan mergers

Hong Kong

MORGAN Stanley's mergers advisory business in Asia outside Japan pulled in record fees last year while the firm gained market share in equities, helping partially shield it from an investment banking contraction that prompted competitors such as Goldman Sachs Group Inc to cut jobs.

A surge in overseas acquisitions by Chinese companies and the pullback by some rivals in Asia played into Morgan Stanley's hands in 2016, according to Gokul Laroia, co-chief executive officer for the Asia-Pacific region excluding Japan.