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M Stanley Reportedly Hires Contract Staff in HK to Cope with IPO Spike
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Morgan Stanley (MS.US) has started hiring contract staff in Hong Kong to cope with the spike in IPO transactions and control costs, Reuters reported, citing people with the knowledge of the matter. This is the first time the broker has taken such action in Hong Kong. Hiring full-time staff is costly, whereas the total compensation for contract staff is lower, sources divulged. In fact, since the end of last year, Morgan Stanley's investment banking division has been recruiting staff on one-year contracts to handle due diligence for listing applications. Morgan Stanley's IPO transaction support team was reportedly established in the fourth quarter of last year, consisting of about 10 people, mainly involved in due diligence work for IPOs in Hong Kong and the US, focusing on Chinese companies. AASTOCKS Financial News Website: www.aastocks.com |
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