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Naomi Rovnick

Daewoo Securities, South Korea's second-largest brokerage by market capitalisation, is setting up a full-service investment bank in Hong Kong. 
The brokerage has begun a 'feasibility study' for the Hong Kong launch, according to a confidential document obtained by the South China Morning Post. 
It wants to create a business that can bring Korean companies to the local stock market and to try to persuade them to acquire rivals on the mainland. It will also set up share trading operations for retail investors and professional money managers. 
The move is a sign Hong Kong's financial services jobs market may be recovering after months in the doldrums. 
Since the financial crisis reached its lowest last autumn, many global banks in the city have shed 5 to 10 per cent of their staff, recruiters say. 
With many western banks still licking their wounds after being battered by losses on subprime securities, their Asian rivals have spotted opportunities to hire financial experts and launch new businesses. 
Japan's Nomura bought the Asian operations of collapsed American investment bank Lehman Brothers last September, including a major Hong Kong base. 
Nomura now wants to set up a mainland securities joint venture with a Chinese partner. 
Daewoo will hire about 40 people at first but grow much further if the venture is a success. It may seek a joint venture with an established bank here, possibly a mainland institution so it can gain access to Chinese companies. 
The Daewoo document said the brokerage would send a team  to discuss the new venture with established banks and asset managers in Hong Kong. 
In Japan, Daewoo has worked in partnership with Mitsubishi UFJ on corporate finance transactions since 2007. 
A source close to Daewoo confirmed the document was authentic. But when asked why the brokerage was seeking discussions with local banks, the source put it down to South Korea's highly co-operative business culture. 
'Daewoo wants to talk to banks and asset managers in Hong Kong before opening the office to make sure there are no mistakes.' 
The Korean broker would fund the Hong Kong launch with its own capital, with no plans to tap the share or bond markets for new funds, the source added. 
Daewoo, whose market value on Friday was 3.84 trillion won  (HK$23.12 billion) last month announced  plans to grow its business around Asia. It already has a small representative office in Hong Kong.



Daewoo Securities plans to open investment bank in Hong Kong