Mitsubishi UFJ Financial Group Inc. (8306) appointed its Tokyo-based automotive analyst Noriyuki Matsushima as its research adviser, a new post created by Japan’s largest bank to strengthen the brokerage business.
Matsushima, a former managing director at Citigroup Inc. (C) who joined Mitsubishi UFJ Morgan Stanley Securities Co. in August, will lead the firm’s analysts from this week to improve the quality of research, Hiroaki Konishi, a Tokyo-based spokesman at the unit, said by phone yesterday.
Mitsubishi UFJ’s brokerage arm hired seven equity analysts since April as Japanese stocks rallied on the back of Prime Minister Shinzo Abe’s economic stimulus program. Sumitomo Mitsui Financial Group Inc. (8316) and Mizuho Financial Group Inc. (8411), Japan’s second- and third-largest banks by market value, are also bolstering stock research, sales and trading businesses.
Koichi Sugimoto joined Tokyo-based Mitsubishi UFJ Morgan Stanley this month from BNP Paribas SA as an analyst to cover carmakers, replacing Matsushima, Konishi added.
Net income at the joint venture between Mitsubishi UFJ and Morgan Stanley more than doubled to 27.8 billion yen ($274 million) in the three months ended Dec. 31 from 12.2 billion yen a year earlier, it said in a statement on Jan. 31.