Aug. 22 (Bloomberg) -- Credit Suisse Group AG hired Yuki Nakayasu, a former analyst at larger rival UBS AG, to cover Japan’s Internet industry as part of efforts to expand equity research in the country.
Nakayasu, 29, joined Switzerland’s second-biggest bank today after covering the semiconductor, information technology services and games industries at UBS, according to an internal memo obtained by Bloomberg News. Isamu Kajino, a Tokyo-based spokesman at Credit Suisse, confirmed the contents of the document, declining to comment further.
Credit Suisse aims to increase the number of Japanese companies it studies to 285 from 227 by Dec. 31, Tim Shanagher, head of Japan equity research, said in an interview this month. The bank is adding coverage in the Internet, auto parts, medical devices, food, consumer products and retail industries, he said.
Nakayasu joined UBS after graduating from Kyoto University in 2006. Credit Suisse is looking for a Japanese banking industry analyst to replace Shinichi Ina, who resigned in July. The bank has also hired an equity strategist whose appointment will be announced at a later date, Shanagher said.
Zurich-based Credit Suisse aims to be one of the top three overseas firms in equity research in Japan by 2013, he said. Credit Suisse is currently sixth among foreign firms in Japan and eighth overall, according to an Institutional Investor survey published in April.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at email@example.com
To contact the editor responsible for this story: Chitra Somayaji at firstname.lastname@example.org