Boston, MA 09/16/2014 (wallstreetpr) – According to reports, Alex To who heads investment banking of Morgan Stanley (NYSE:MS) China has decided to join Bank of America Corp (NYSE:BAC). The information was revealed by two people close to this matter who said that to will be given a similar role at BAC.
Insights of the matter:
Alex To will be the head of Bank of America Corp (NYSE:BAC) investment banking in China with an objective to take the investment banking division of BAC China on newer heights. The person who gave this information refused to reveal his identity saying this matter was very confidential. Neither of the two companies has made an official announcement as of now. As per the information given by another person, to joined MS eight years back in 2006. Since then, he always focused on acquiring clients in consumer and retail segment.
Reporters tried to get in touch with to, but he declined to comment on this issue. At the same time, one of the spokesmen of Morgan Stanley (NYSE:MS) China named Nick Footitt confirmed that To was leaving the organization, but he didn’t give any other information.
Road Ahead:
As soon as To joins Bank of America Corp (NYSE:BAC) China, co-heads of its investment banking division named Wang Bing, and Catherine Cai will look forward to originating all the pending deals. They both have been heading BAC’s investment banking since 2011. Reporters tried to get in touch with Bing, but he refused to comment on this issue, while Cai was not immediately reachable in the Hong Kong office. No one from BAC Hong Kong came forward to comment including Paul Scanlon, Spokesman of BAC Hong Kong.
As per the data report of Bloomberg, Bank of America Corp (NYSE:BAC) was ranked 12th while Morgan Stanley (NYSE:MS) was ranked second this year in terms of giving advice on merger transactions. BAC-based in Charlotte, North Carolina was ranked 12th in terms of Chinese overseas equity offerings while MS was ranked 4th in the table.
