Latest news with #Pick
The Star
18 hours ago
- Business
- The Star
Top Morgan Stanley Asia banker targets US$10bil
LAST month, as the US-China trade war heated up, Morgan Stanley's co-president Dan Simkowitz made a discreet visit to Beijing. It was the first time a senior US executive from the bank had stepped foot in China in five years, and came days after a rare board meeting in Tokyo near the Imperial Palace. The low-key events underscore the focus the Wall Street giant is putting on Asia under recently installed chief executive officer (CEO) Ted Pick. After several tough years sparked by a slump in China that hammered global banks, Morgan Stanley is regaining traction in the region. Led by one of the deepest and longest-tenured teams of any of its rivals, Morgan Stanley posted record Asia revenue of US$7.64bil last year, topping arch-rival Goldman Sachs Group Inc for the third-straight time. The bank is now eyeing US$10bil in revenue within five years, its Asia chief Gokul Laroia said in a rare interview from his Hong Kong office. 'If you're diversified by geography and you're diversified by product, you have inherent hedges in your business,' said Laroia, who joined Simkowitz on the Beijing trip to meet with He Lifeng, the vice-premier who is also leading US trade talks. 'A combination of familiarity and confidence in the team over here is super helpful, particularly when times are tough.' The bank is counting on a widening array of investment banking and trading initiatives across the region. A growing presence in Japan and India will likely add to a China business that's slowly recovering even as trade wars rage. Still, the goal will be challenging. Despite investing billions, global banks have struggled to make meaningful profits on the Chinese mainland, squeezed by a sluggish economy and powerful local rivals. At the same time, the bank faces fierce competition in Japan, where many global firms saw sliding revenue last year. In India, fees are generally low and the regulatory landscape is hard to navigate. Laroia, a 30-year veteran of Morgan Stanley and co-head of global equities, is in charge of executing the Asia strategy. He joins a long list of top executives at the New York bank who cut their teeth in the region. At the top is Pick, a New Yorker who worked in South Korea for about six months early in his career. At a town hall last year after becoming CEO, Pick joked that the two people he's travelled most with in his life are his wife and Laroia. In the past two decades, Pick has made more than 60 trips to Asia. Simkowitz, who oversees the global institutional securities business, worked in Tokyo and Hong Kong in the 1990s, while Mo Assomull, co-head of investment banking, grew up in Hong Kong where he first joined the bank. Laroia is part of the bank's 12-member top executive body. His close ties to the top have been instrumental in helping the firm's bankers in Asia secure swift approvals and push key deals across the line, according to sources. He's led businesses across investment banking and sales and trading, making him one of the most well-rounded regional CEOs among global banks in Asia. During the bank's April earnings call, Pick gave a rare shout-out to Laroia, pointing to Asia's equities performance and its contribution to global results. Backbone of Asia Like its biggest US rivals, Morgan Stanley's stocks division is the backbone of Asia, and its momentum is pushing Greater China's share to about half of regional revenue. Overall, Japan delivers 20% to 25%, while India makes up roughly 10%. In the first quarter, the bank's revenue from Asia topped Goldman's by 27%, public filings showed. Morgan Stanley declined to comment on contributions by geography. While activity is picking up, Wall Street firms have gone through tough years following China's financial opening at the start of the decade. Since late 2022, Morgan Stanley has slashed more than 120 Asia investment banking jobs – many of then China-focused – as overall Asia revenue fell before rebounding in 2024, according to sources. Now, fresh China-US tension has again fuelled investor caution, imperiling growth prospects for most investment banks. 'The geopolitical dynamic is a complicated one,' said Laroia. 'Our role is to make sure that the business that we're doing in China is the risk that we're comfortable managing.' To confront the challenges in China, Laroia draws on challenges from navigating five major economic meltdowns, including the Asian financial turmoil and dotCom bust, severe acute respiratory syndrome, the global financial crisis and the Covid-19 pandemic. He tapped that experience earlier this year as US President Donald Trump's tariff shock caused Chinese stocks to plummet. Laroia kept in close phone contact with a leading hedge fund in London. He advised sticking with China, but to cut long-dated investments and avoid complex positions to preserve liquidity, according to the US$10bil portfolio manager, who asked not to be identified. Better access The long-time client said that the bank has generally provided better access to borrowable Chinese shares, citing one instance when its prime brokerage unit offered twice as many as rivals for short bets. This allows the bank to charge premiums in illiquid markets, the hedge fund manager said. Morgan Stanley has made a deliberate push to broaden its product suite across businesses in China to counter the deals slump. Its onshore units have secured multiple licences from derivatives to principal trading and research in the last few years. 'The sales and trading business continues to grow because there's a very broad cross section of global investors and increasingly a rapidly growing pool of local capital that is trading these markets more actively than they've traded in the past,' Laroia said. — Bloomberg Cathy Chan writes for Bloomberg. The views expressed here are the writer's own.
Extra.ie
2 days ago
- Business
- Extra.ie
EuroMillions: Location revealed as winner urged to 'stay calm'
The winner of the record €250m EuroMillions jackpot is being urged to remain calm as some location details have been revealed. The record jackpot was won by a sole Irish ticket on Tuesday night with a spokesperson confirming that the winning ticket was bought in a store rather than online. On Wednesday, the National Lottery confirmed further details, revealing that the golden ticket was sold in the southwest of the country, somewhere in Munster. The winner of the record €250m EuroMillions jackpot is being urged to remain calm as some location details have been revealed. The numbers for last night's EuroMillions (17th June) draw were: 13, 22, 23, 44, 49, and the two Lucky Stars were 3 and 5. In addition to the main EuroMillions jackpot, last night also brought riches to a EuroMillions Plus player in Co. Wicklow, after they successfully matched all five winning numbers to secure the top prize of €500,000. The Plus player purchased their Quick Pick ticket on the day of the draw, from Selskar Bookshop, Townparks, Co. Wexford. The record jackpot was won by a sole Irish ticket on Tuesday night with a spokesperson confirming that the winning ticket was bought in a store rather than online. Pic: Shutterstock. National Lottery spokesperson Emma Monaghan has urged the jackpot winner to 'stay calm'. 'What a night for our EuroMillions players,' Emma said. 'Not only did we see 92,000 players in Ireland win prizes, including our top prize in EuroMillions Plus, but we also saw the historic jackpot being won by an Irish player. 'We are continuing to advise all EuroMillions players in the Munster region to check their tickets very carefully to see if they have landed this mega windfall. We're looking forward to sharing more details about the win in the coming days!'
Business Times
3 days ago
- Business
- Business Times
Morgan Stanley's top Asia banker targets US$10 billion in revenue
[HONG KONG] Last month, as the US-China trade war heated up, Morgan Stanley's co-president Dan Simkowitz made a discreet visit to Beijing. It was the first time a senior US executive from the bank had stepped foot in China in five years, and came days after a rare board meeting in Tokyo near the Imperial Palace. The low-key events underscore the focus the Wall Street giant is putting on Asia under recently installed chief executive officer Ted Pick. After several tough years sparked by a slump in China that hammered global banks, Morgan Stanley is regaining traction in the region. Led by one of the deepest and longest-tenured teams of any of its rivals, Morgan Stanley posted record Asia revenue of US$7.64 billion last year, topping arch-rival Goldman Sachs for the third straight time. The bank is now eyeing US$10 billion in revenue within five years, its Asia chief Gokul Laroia said in a rare interview from his Hong Kong office. 'If you are diversified by geography and you are diversified by product, you have inherent hedges in your business,' said Laroia, who joined Simkowitz on the Beijing trip to meet with He Lifeng, the vice-premier who is also leading US trade talks. 'A combination of familiarity and confidence in the team over here is super helpful, particularly when times are tough.' The bank is counting on a widening array of investment banking and trading initiatives across the region. A growing presence in Japan and India will likely add to a China business that's slowly recovering even as trade wars rage. Still, the goal will be challenging. Despite investing billions, global banks have struggled to make meaningful profits on the Chinese mainland, squeezed by a sluggish economy and powerful local rivals. At the same time, the bank faces fierce competition in Japan, where many global firms saw sliding revenue last year. In India, fees are generally low and the regulatory landscape is hard to navigate. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Laroia, a 30-year veteran of Morgan Stanley and co-head of global equities, is in charge of executing the Asia strategy. He joins a long list of top executives at the New York bank who cut their teeth in the region. At the top is Pick, a New Yorker who worked in Korea for about six months early in his career. At a town hall last year after becoming CEO, Pick joked that the two people he's travelled most with in his life are his wife and Laroia. In the past two decades, Pick has made more than 60 trips to Asia. Simkowitz, who oversees the global institutional securities business, worked in Tokyo and Hong Kong in the 1990s, while Mo Assomull, co-head of investment banking, grew up in Hong Kong where he first joined the bank. Laroia is part of the bank's 12-member top executive body. His close ties to the top have been instrumental in helping the firm's bankers in Asia secure swift approvals and push key deals across the line, according to sources familiar with the matter, who asked not to be identified. He's led businesses across investment banking and sales and trading, making him one of the most well-rounded regional CEOs among global banks in Asia. During the bank's April earnings call, Pick gave a rare shout-out to Laroia, pointing to Asia's equities performance and its contribution to global results. Like its biggest US rivals, Morgan Stanley's stocks division is the backbone of Asia, and its momentum is pushing Greater China's share to about half of regional revenue. Overall, Japan delivers 20 to 25 per cent, while India makes up roughly 10 per cent, a source familiar with the matter said. In the first quarter, the bank's revenue from Asia topped Goldman's by 27 per cent, public filings show. Morgan Stanley declined to comment on contributions by geography. While activity is picking up, Wall Street firms have gone through tough years following China's financial opening at the start of the decade. Since late 2022, Morgan Stanley has slashed more than 120 Asia investment banking jobs – many of them China-focused – as overall Asia revenue fell before rebounding in 2024, according to sources familiar with the matter. Now, fresh China-US tension has again fuelled investor caution, imperilling growth prospects for most investment banks. 'The geopolitical dynamic is a complicated one,' said Laroia. 'Our role is to make sure that the business that we are doing in China is the risk that we are comfortable managing.' To confront the challenges in China, Laroia draws on challenges from navigating five major economic meltdowns, including the Asian financial turmoil and the dot-com bust, Sars, the global financial crisis and the Covid-19 pandemic. He tapped that experience earlier this year as US President Donald Trump's tariff shock caused Chinese stocks to plummet. Laroia kept in close phone contact with a leading hedge fund in London. He advised sticking with China, but to cut long-dated investments and avoid complex positions to preserve liquidity, according to the US$10 billion portfolio manager, who asked not to be identified. Better access The long-time client said that the bank has generally provided better access to borrowable Chinese shares, citing one instance when its prime brokerage unit offered twice as many as rivals for short bets. This allows the bank to charge premiums in illiquid markets, the hedge fund manager said. Morgan Stanley has made a deliberate push to broaden its product suite across businesses in China to counter the deals slump. Its onshore units have secured multiple licenses from derivatives to principal trading and research in the last few years. 'The sales and trading business continues to grow because there's a very broad cross section of global investors and increasingly a rapidly growing pool of local capital that is trading these markets more actively than they have traded in the past,' Laroia said. Morgan Stanley is also counting on Japan for growth, as the economy emerges from decades of stagnation. The Tokyo board meeting was the first in the region in 14 years. Much of the discussion centred on regional goals and expansion, underscoring Asia's importance to the bank's strategy, a source familiar said. The firm has deepened its 17-year partnership with Mitsubishi UFJ Financial Group (MUFG), its largest shareholder. Beyond banking and trading, it merged research with MUFG to compete with local firms and expanded mid- and small-cap Tokyo stock coverage by two-thirds to more than 500 names. New growth levers include a tie-up with MUFG in foreign exchange and equities and a push into private credit. Still, hiring in Japan's booming finance sector is a headache, with fierce competition and talent shortages driving up pay. In India, where Laroia was born, the firm has launched foreign exchange capabilities to help investors trade and hedge currencies. It was an early mover in a special economic zone – known as Gift City – designed to attract global clients seeking tax and regulatory clarity when trading Indian securities. Wealth business It also faces competition from Goldman, JPMorgan Chase and others, who are all ramping up in India, chasing deals and expanding corporate lending and flow business. Despite a surge in deals, investment banking in India remains a relatively low-margin business, prompting the bank to be selective in taking on fee-paying clients. While it has a big ultra-high-net-worth business in Hong Kong and Singapore, Morgan Stanley has yet to enter other core markets such as Japan and India, and it's unclear if it will leverage its US mass-wealth model there. Asset management has also lagged, as the firm only started ramping up in 2023, hiring Mike Levin from Goldman to lead Asia distribution. Last year's departure of Chin Chou, the founder of its Asia private equity arm, has also left a leadership gap as global investors pulled back from China. For Laroia, the volatility and tumult comes with the territory in Asia, leading to plenty of tough moments and pressure. His once black hair has turned grey and white over the years, and he finds golf helps him stay grounded. With a handicap of just eight, he's good enough to beat a few of his clients if chooses to. 'The only time I shout is on a golf course, when I miss or hit a bad shot,' said Laroia, who plays at the Hong Kong Golf Club and Discovery Bay. 'That's how you release your stress.' BLOOMBERG
Mint
3 days ago
- Business
- Mint
Morgan Stanley's Top Asia Banker Targets $10 Billion in Revenue
(Bloomberg) -- Last month, as the US-China trade war heated up, Morgan Stanley's co-President Dan Simkowitz made a discreet visit to Beijing. It was the first time a senior US executive from the bank had stepped foot in China in five years, and came days after a rare board meeting in Tokyo near the Imperial Palace. The low-key events underscore the focus the Wall Street giant is putting on Asia under recently installed Chief Executive Officer Ted Pick. After several tough years sparked by a slump in China that hammered global banks, Morgan Stanley is regaining traction in the region. Led by one of the deepest and longest-tenured teams of any of its rivals, Morgan Stanley posted record Asia revenue of $7.64 billion last year, topping arch-rival Goldman Sachs Group Inc. for the third-straight time. The bank is now eyeing $10 billion in revenue within five years, its Asia chief Gokul Laroia said in a rare interview from his Hong Kong office. 'If you're diversified by geography and you're diversified by product, you have inherent hedges in your business,' said Laroia, who joined Simkowitz on the Beijing trip to meet with He Lifeng, the vice premier who is also leading US trade talks. 'A combination of familiarity and confidence in the team over here is super helpful, particularly when times are tough.' The bank is counting on a widening array of investment banking and trading initiatives across the region. A growing presence in Japan and India will likely add to a China business that's slowly recovering even as trade wars rage. Still, the goal will be challenging. Despite investing billions, global banks have struggled to make meaningful profits on the Chinese mainland, squeezed by a sluggish economy and powerful local rivals. At the same time, the bank faces fierce competition in Japan, where many global firms saw sliding revenue last year. In India, fees are generally low and the regulatory landscape is hard to navigate. Laroia, a 30-year veteran of Morgan Stanley and co-head of global equities, is in charge of executing the Asia strategy. He joins a long list of top executives at the New York bank who cut their teeth in the region. At the top is Pick, a New Yorker who worked in Korea for about six months early in his career. At a town hall last year after becoming CEO, Pick joked that the two people he's traveled most with in his life are his wife and Laroia. In the past two decades, Pick has made more than 60 trips to Asia. Simkowitz, who oversees the global institutional securities business, worked in Tokyo and Hong Kong in the 1990s, while Mo Assomull, co-head of investment banking, grew up in Hong Kong where he first joined the bank. Laroia is part of the bank's 12-member top executive body. His close ties to the top have been instrumental in helping the firm's bankers in Asia secure swift approvals and push key deals across the line, according to people familiar with the matter, who asked not to be identified. He's led businesses across investment banking and sales and trading, making him one of the most well-rounded regional CEOs among global banks in Asia. During the bank's April earnings call, Pick gave a rare shout-out to Laroia, pointing to Asia's equities performance and its contribution to global results. Like its biggest US rivals, Morgan Stanley's stocks division is the backbone of Asia, and its momentum is pushing Greater China's share to about half of regional revenue. Overall, Japan delivers 20% to 25%, while India makes up roughly 10%, a person familiar with the matter said. In the first quarter, the bank's revenue from Asia topped Goldman's by 27%, public filings show. Morgan Stanley declined to comment on contributions by geography. While activity is picking up, Wall Street firms have gone through tough years following China's financial opening at the start of the decade. Since late 2022, Morgan Stanley has slashed more than 120 Asia investment banking jobs — many of then China-focused — as overall Asia revenue fell before rebounding in 2024, according to people familiar with the matter. Now, fresh China-US tension has again fueled investor caution, imperiling growth prospects for most investment banks. 'The geopolitical dynamic is a complicated one,' said Laroia. 'Our role is to make sure that the business that we're doing in China is the risk that we're comfortable managing.' To confront the challenges in China, Laroia draws on challenges from navigating five major economic meltdowns, including the Asian financial turmoil and dot-com bust, SARS, the global financial crisis and the Covid-19 pandemic. He tapped that experience earlier this year as US President Donald Trump's tariff shock caused Chinese stocks to plummet. Laroia kept in close phone contact with a leading hedge fund in London. He advised sticking with China, but to cut long-dated investments and avoid complex positions to preserve liquidity, according to the $10 billion portfolio manager, who asked not to be identified. The long-time client said that the bank has generally provided better access to borrowable Chinese shares, citing one instance when its prime brokerage unit offered twice as many as rivals for short bets. This allows the bank to charge premiums in illiquid markets, the hedge fund manager said. Morgan Stanley has made a deliberate push to broaden its product suite across businesses in China to counter the deals slump. Its onshore units have secured multiple licenses from derivatives to principal trading and research in the last few years. 'The sales and trading business continues to grow because there's a very broad cross section of global investors and increasingly a rapidly growing pool of local capital that is trading these markets more actively than they've traded in the past,' Laroia said. Morgan Stanley is also counting on Japan for growth, as the economy emerges from decades of stagnation. The Tokyo board meeting was the first in the region in 14 years. Much of the discussion centered on regional goals and expansion, underscoring Asia's importance to the bank's strategy, a person familiar said. The firm has deepened its 17-year partnership with Mitsubishi UFJ Financial Group Inc., its largest shareholder. Beyond banking and trading, it merged research with MUFG to compete with local firms and expanded mid- and small-cap Tokyo stock coverage by two-thirds to more than 500 names. New growth levers include a tie-up with MUFG in foreign exchange and equities and a push into private credit. Still, hiring in Japan's booming finance sector is a headache, with fierce competition and talent shortages driving up pay. In India, where Laroia was born, the firm has launched foreign exchange capabilities to help investors trade and hedge currencies. It was an early mover in a special economic zone — known as GIFT City - designed to attract global clients seeking tax and regulatory clarity when trading Indian securities. It also faces competition from Goldman, JPMorgan Chase & Co and others, who are all ramping up in India, chasing deals and expanding corporate lending and flow business. Despite a surge in deals, investment banking in India remains a relatively low-margin business, prompting the bank to be selective in taking on fee-paying clients. While it has a big ultra-high-net-worth business in Hong Kong and Singapore, Morgan Stanley has yet to enter other core markets like Japan and India, and it's unclear if it will leverage its US mass-wealth model there. Asset management has also lagged, as the firm only started ramping up in 2023, hiring Mike Levin from Goldman to lead Asia distribution. Last year's departure of Chin Chou, the founder of its Asia private equity arm, has also left a leadership gap as global investors pulled back from China. For Laroia, the volatility and tumult comes with the territory in Asia, leading to plenty of tough moments and pressure. His once black hair has turned gray and white over the years, and he finds golf helps him stay grounded. With a handicap of just eight, he's good enough to beat a few of his clients if chooses to. 'The only time I shout is on a golf course, when I miss or hit a bad shot,' said Laroia, who plays at the Hong Kong Golf Club and Discovery Bay. 'That's how you release your stress.' More stories like this are available on
Straits Times
3 days ago
- Business
- Straits Times
FedEx partners with Pick Network to provide parcel drop-off services across Singapore
Customers can now drop off FedEx packages at over 1,000 Pick smart lockers island-wide. PHOTO: FEDEX SINGAPORE — Federal Express Corporation (FedEx) has partnered with Pick Network, a local parcel locker provider, to provide consumers with the option of dropping off pre-labelled FedEx packages for delivery at over 1,000 Pick smart lockers located across Singapore. This will add to FedEx's existing infrastructure of two FedEx facilities and over 410 drop-off points across the Republic, bringing the number of lockers customers can now access for drop-offs to over 1,500. The move, announced on June 16, comes a month after FedEx and SingPost announced a collaboration to expand FedEx parcel drop-off points to all SingPost offices nationwide as well as at POPStop@Tampines MRT, increasing acceptance points from six to 43. FedEx said the collaborations come in response to rapid e-commerce growth and rising consumer demand for greater flexibility and security in parcel handling options. Pick's smart lockers, which will be available around the clock, can be found in residential estates, community hubs and shopping malls, and fit small to medium-sized parcels with dimensions up to 41 x 26 x 46 cm. FedEx customers will be able to drop off their packages at Pick's lockers directly and have the option of self-collection at over 2,000 locations, including Pick Network. Managing director of FedEx Singapore Eric Tan noted that 'by expanding our collaboration with Pick Network, we're building smarter, more accessible supply chains that give individuals and businesses even greater control over how, when, and where they ship'. He added that expanding the FedEx drop-off and collection network in Singapore will support evolving customer preferences and improve pick-up and delivery success rates. 'This move is primarily driven by the continued growth of e-commerce and the need for smart convenient solutions that offer greater flexibility and adapt to customers' daily routines.' Pick Network CEO New Soon Tee added that the partnership with FedEx has made it more convenient for consumers to send parcels through Pick's lockers to over 220 countries worldwide. The collaboration also builds on the previous partnership between the two companies under the launch of the nationwide parcel locker network in 2021, for which Pick Network has since been providing parcel collection services for FedEx packages. Join ST's Telegram channel and get the latest breaking news delivered to you.
