Morgan Stanley opens Aussie prime brokerage

A new Sydney prime brokerage office will be run by a quartet of returning expat and indigenous Australians.
Morgan Stanley intends to open a prime brokerage office in Sydney later this year.

The firm will be sending back two existing antipodean Morgan Stanley officials and hiring a pair of local staff members. Together they will handle sales, capital introductions, client services and consultancy. The exact names on that staff roster have not been decided yet.

Morgan Stanley says that in basing a prime brokerage representation locally, it was bowing to the requests of hedge funds and investors in the Australian market. At present, it is estimated by Axiss Australia, a government agency, that the aggregate Australian hedge fund and fund of funds assets amount to $27 billion.

Richard Webb, executive director of Morgan...
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