Morgan Stanley hires Lee to head Korea DCM

Changwon Lee, who previously headed Korean debt capital markets for J.P. Morgan, has resigned and will be joining Morgan Stanley, to head Korea DCM, according to market sources.

Lee, who was based in Seoul, will be moving to Hong Kong for his new role. He is currently on gardening leave until the end of August and will join Morgan Stanley in September as an executive director.

In March, Andrew Paik, a managing director and head of debt capital markets for Korea at Morgan Stanley, left the bank. At that time, a source familiar with the matter said that the bank would cover Korean debt capital markets from Hong Kong and that the firm had a number of Korean speakers in its Hong Kong-based DCM team. However, there was some scepticism as to whether it would be efficient to cover Korean DCM out of Hong Kong.

J.P. Morgan is in the processing of finding a replacement for Lee. Korean DCM has been quiet this year due to market volatility and heightened tensions between North Korea and South Korea. However, according to bankers, there is a pipeline of deals and issuance is expected to pick up once the Republic of Korea issues its sovereign bond.

Morgan Stanley and J.P. Morgan declined to comment.