Lehman Brothers' renewed push to expand its investment banking business in Asia, has gained a further boost with its hire of China banker, Zhizhong Yang from Morgan Stanley.
It is understood that Yang is part of a major push by Lehman into China. The former Morgan Stanley managing director has been given a mandate to redevelop the China franchise of the US firm. His expertise at Morgan Stanley - which this year won FinanceAsia's best foreign investment bank in China category - gives him the right credentials. He is a seasoned originator whose clients have tended to be in the telecoms and industrials sectors. Among his key relationship were Huawei and China Unicom.
His resignation from Morgan Stanley will leave that firm with a gap to fill. And nor is it Lehman's first major hire this year of a banker with a Morgan Stanley pedigree. It also hired ex-Morgan Stanley banker, Jae Wook Yoo to be deputy head of its Korean investment banking operations in May.