Mike Berchtold, head of Asian investment banking, Morgan Stanley Dean Witter

Berchtold runs MSDW''s investment banking business in Asia. Nick Lord spoke to him about raising money in tough markets.

Q These markets must be making life difficult for you Mike.

A They definitely make it interesting. It reinforces the principal that we at Morgan Stanley have to be banking the long-term winners. In these volatile markets investors are extremely focused on differentiating the real winners from the also-rans. A company that is just a good story, which might have had a successful IPO in a bullish market, will find it very hard to have a successful offering in...

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