Morgan Stanley's Vinay Jayaram, managing director of global capital markets (GCM) for Asia-Pacific and co-head of fixed-income capital markets for Asia, will relocate to London to lead the bank's debt and derivatives effort for financial institutions in Europe.
The move has triggered a reshuffle in the leadership within GCM Asia-Pacific that will see George Taylor and Crawford Jamieson become co-heads of GCM. The pair will take on this new role in addition to their current responsibilities as co-heads of equity capital markets for Asia-Pacific.
Julien Begasse will remain head of fixed-income capital markets -- a role he previously shared with Jayaram -- and will also become responsible for leading the new corporate and insurance company derivates structuring group, which was announced earlier this week. The new group has been set up as part of a reorganisation of Morgan Stanley's fixed-income business into country clusters with a single sales person servicing clients across products.
Jayaram's relocation comes after Morgan Stanley last August hired Ronan McCullough from Goldman Sachs to head its bond and loan syndicate for Asia-Pacific.
There will be no changes to the bank's equity syndicate team, which is headed by Justin Haik.
Jayaram joined Morgan Stanley in New York where he spent nine years working on both syndication and coverage of financial institutions. His remit included project finance in Asia and Japan, high-grade and high-yield corporate issuance, emerging market sovereign syndication and commodity-linked financing. During this time he was also involved in hybrid and derivatives structuring, plus new product development for financial institutions.
He has spent the past five years in senior roles within fixed-income capital markets in Asia, most recently as co-head of the division. In this role he has been responsible for the debt-financing and risk management business across corporates, sovereigns and financial institutions.
According to Dealogic, Morgan Stanley was the number one underwriter for international ECM deals in Asia ex-Japan in 2009, managing 62 deals totalling $13.3 billion. On the DCM side, the bank was the third most active bookrunner for international G3 deals, arranging 24 issues with a total value of $7.4 billion.