Morgan Stanley, the second-largest securities firm in the world, has promoted its influential chief economist, Stephen Roach, to Asia chairman, as it aims to strengthen links with the mainland where demand for financial services is soaring.
Mr Roach would assume his new position in June and move to Hong Kong in September, the bank said yesterday. Morgan Stanley is filling the position left vacant this month by Alasdair Morrison's retirement.
The role of Asia chairman will see Mr Roach, who joined the investment bank in 1982, act as the firm's senior representative to governments, regulators and clients across the region.
'Steve has been widely recognised as one of Wall Street's most influential economists and a trusted adviser for our clients,' said John Mack, the bank's chairman and chief executive. 'He is an intellectual leader on many global economic issues, including those related to China. He will bring a combination of seniority, strategic thinking and local knowledge to this important role.'
Mr Roach is one of Morgan Stanley's most frequent visitors to Asia, with an average of six to eight visits a year in the past decade. Last month, he met Premier Wen Jiabao in the China development forum and is scheduled to come to Hong Kong next week.
'I am very excited and honoured to take my role as economist in a different position,' Mr Roach said. 'China has a positive outlook but the government is going to make some changes, shifting away from the macroeconomic growth - led by exports and foreign investments - to a more consumer-led economy, and it takes time.'
