Record revenues for foreign banks in Japa

Big foreign investment banks achieved record revenues in Japan last year largely because of the strength of their brokerage operations, despite a lacklustre stock market. GUCCI China tour
Morgan Stanley posted a 21 per cent rise in revenues to a record Y238.6bn for the year to March, followed by Goldman Sachs, which saw record revenues of Y231.3bn, up 4 per cent.
Merrill Lynch, Deutsche Securities and UBS also posted record revenues in Japan in a year when Japanese brokers suffered from weak market volume and declining retail commission fees.
The benchmark Nikkei 225 average plunged almost 20 per cent last summer, frightening away many retail investors. However, foreign brokers still managed to perform well because of their focus on institutional investors. The banks were also boosted by new businesses, such as securitisation, and by winning large M&A mandates.soccer table WOW Gold
Big foreign brokers are expanding aggressively in Japan on expectations that the market is poised to grow substantially.
This has prompted UBS to increase its Tokyo headcount by 20 per cent this year, while Morgan Stanley and Deutsche increased their staffs by 14 per cent and Goldman Sachs by 10 per cent.
The success of foreign brokers in Japan comes as the Japanese government is seeking to boost the country’s competitiveness as a global financial centre. runescape money
“It indicates that Japan is an increasingly sophisticated capital market with increasingly sophisticated products requiring professional global services,” said Brett Hemsley, analyst at HSBC in Tokyo.
The foreign brokers were able to provide Japanese corporates and institutions with knowledge and expertise that was not available from domestic brokers, said Mr Hemsley.wow lvl runescape money wow gold
Morgan Stanley, which has been profitable in each of the past 10 years, reaped the benefits of a growing securitisation market, particularly real estate securitisation. It has formed tie-ups with Japanese regional banks to build a thriving new business securitising home loans provided to people who previously could not take out mortgages.Beijing tour
The US bank also enjoyed strong demand for M&A services from medium-sized companies.
Securitisation was behind the higher revenues at Deutsche Securities, which saw revenues from raising financing for clients surge 165 per cent in the past two years