FILE PHOTO: The corporate logo of finance firm Morgan Stanley is pictured on a building in San Diego, California on September 24, 2013. REUTERS / Mike Blake
May 27, 2021
By Scott Murdoch and Anshuman Daga
HONG KONG / SINGAPORE (Reuters) – Morgan Stanley is closing its Indonesian institutional onshore equity business, the investment bank said Thursday in response to inquiries from Reuters.
Morgan Stanley said in a statement that it “intends to cease its onshore broker-dealer activities in Indonesia. The company remains committed to Indonesia and will continue to provide access to the stock market for our global clients by working with qualified local broker partners. “
Sources familiar with the decision said the move will affect about 10 roles and the investment bank will perform sales, trading and research functions from its Southeast Asian hub in Singapore.
The Indonesian onshore stocks business opened in 2012 following an announcement by Morgan Stanley’s CEO James Gorman in November 2011 during his visit to Jakarta. In a statement, he said that growing the company’s business in Indonesia was an “important strategic priority and commitment” for the bank.
Morgan Stanley said Thursday that its research coverage will also be provided offshore from Singapore, but added that PT Morgan Stanley Sekuritas Indonesia will continue to serve its onshore investment banking clients.
(Reporting by Scott Murdoch in Hong Kong and Anshuman Daga in Singapore; editing by Shri Navaratnam)
This article originally appeared on www.oann.com