Morgan Stanley Most Profitable Foreign Brokerage in Japan

Revenue at bank's venture with Mitsubishi UFJ was largest in three years

Morgan Stanley beat Goldman Sachs Group Inc. to become the most profitable foreign securities firm in Japan last fiscal year after it boosted structured-product sales and managed the two biggest initial public offerings. The bank’s venture with Mitsubishi UFJ Financial Group Inc. posted its largest revenue in three years as the introduction of negative interest rates prompted clients to seek assets with better returns than government bonds. Japan offers “exciting potential,” the unit’s Chief Executive Officer Jonathan Kindred said.

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