From Breakingviews - Morgan Stanley and MUFG’s next act is well-timed
two years earlier; the new-ish partners also intend to work on more deals together. The source of inspiration, though, isn’t standing still.
As well as collaborating on foreign exchange trading, Morgan Stanley and MUFG will now integrate the institutional Japan equities business by consolidating research and institutional sales into Morgan Stanley’s joint venture entity. Combined, the net operating revenue of the joint ventures is 78% of what Nomura’sClients will get broader coverage at a time of heightened interest in Japan; the TOPIX is up 20% this year and trading near a multi-decade high. Some of the drivers are profound.
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