HONG KONG: Morgan Stanley has named David Aronovitch, one of its senior Asia dealmakers, as global co-head of consumer retail investment banking, according to an internal memo.
Aronovitch, who joined Morgan Stanley in 1998 as an analyst and worked in New York and London before moving to Asia in 2006, would continue to head Asia Pacific consumer retail investment banking, according to the memo seen by Reuters.
In his new role, Aronovitch will share responsibilities with his US-based colleagues, David Ciagne and Ben Frost.
A Morgan Stanley spokesman confirmed the content of the memo that was sent to staff.
Hong Kong-based Aronovitch's move underscores growing momentum for deals in the consumer retail sector in Asia, where a growing middle class in China, India and other markets is boosting consumption.
In 2017, Aronovitch and his team were involved in some large deals including McDonald's sale of most of its China and Hong Kong business for $2.1 billion and Thai Beverage Public Co's acquisition of a stake in two Myanmar distilleries.
The Morgan Stanley memo also said Sam Kim, vice-chairman at the bank's investment banking division in Asia since 2014, would become chairman of Asia Pacific merger and acquisitions, based in Hong Kong.
Morgan Stanley was third in last year's M&A fee league table for the Asia Pacific region, excluding Japan, the only foreign investment bank in the top three, according to Thomson Reuters data.
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