Morgan Stanley pips Goldman Sachs profit-wise in Japan

Tokyo

MORGAN Stanley beat Goldman Sachs Group Inc to become the most profitable foreign securities firm in Japan in the last fiscal year after it boosted structured product sales and managed the two biggest initial public offerings.

Net income at Morgan Stanley MUFG Securities Co rose 32 per cent to 29 billion yen (S$360 million) for the year ended March 31, the most among 10 large global banks that submitted annual financial statements, according to regulatory filings obtained or seen by Bloomberg.