Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, hired BNP Paribas SA’s former Tokyo-based automotive analyst, two people with direct knowledge of the matter said.
Koichi Sugimoto, who covered carmakers from Toyota Motor Corp. to Honda Motor Co. at BNP before he left the company this month, will move to Mitsubishi UFJ Morgan Stanley Securities Co. from the beginning of February, said the people, asking not to be identified before a public disclosure.
The hiring comes as last year’s surge in Japanese stock prices -- the Nikkei 225 Stock Average jumped 57 percent in 2013 -- drives up demand for equity research. Toyota, the nation’s largest company by market value, jumped 60 percent last year, the stock’s biggest gain since 1999.
Kunihiko Shiohara, a former partner at Goldman Sachs Group Inc., now heads equity research at Mitsubishi UFJ.
At least six automotive analysts in Japan have changed jobs since April, according to a tally by Bloomberg News. Other changes include Mitsubishi UFJ Morgan Stanley Securities hiring former Citigroup Inc. Managing Director Noriyuki Matsushima, Barclays Plc employing Tatsuo Yoshida from Mitsubishi UFJ Morgan Stanley and UBS AG hiring Kohei Takahashi from JPMorgan Chase & Co.
Bloomberg reported Sugimoto’s departure from BNP Paribas in November.