BoA Senior Banker Rejoining Morgan Stanley

HONG KONG (Reuters) – Terence Keyes, Asia head of the general execution group for Bank of America-Merrill Lynch (BAC.N), is leaving the bank to return to his previous employer, Morgan Stanley (MS.N), people with knowledge of the matter said on Friday.

Keyes, a former senior Morgan Stanley banker in Asia who worked for the U.S. bank for 11 years, joined Merrill Lynch last April as head of Asia corporate finance and was given the new title late last year after Bank of America acquired Merrill Lynch.

Spokespersons for Bank of America-Merrill Lynch and Morgan Stanley declined to comment.

At Merrill Lynch, Keyes’s team focused on deal execution and worked closely with other departments to help Asian companies underwrite shares and bonds.

As head of execution, Keyes’ role was to see a financing deal through from the time it was mandated until it was completed. That was the role he held at Morgan Stanley before he left, and it’s the same role he’ll take over upon his return, sources say.

He will remain in Hong Kong and report to Morgan Stanley’s Asia Pacific investment banking co-heads, according to sources.

Keyes’ last day at BofA-Merrill was on Wednesday. Like most senior hires at investment banks, he will not be allowed to formally start at Morgan Stanley for several months, to avoid potential conflicts-of-interests with any deals.

Keyes, a Briton, moved to Hong Kong with SG Warburg in 1994 and later joined Morgan Stanley, where his last position was as senior managing director in charge of deal execution.

In 2005, Keyes helped China Construction Bank (0939.HK) (601939.SS), China’s top property lender, raise $9.2 billion in an initial public offering of shares that was the world’s largest in the previous four years at that time and the first by one of China’s Big Four state lenders.

After a severe downturn caused by the financial crisis, hiring at investment banks, consultancies, auditing and law firms has begun to pick up in the past few months as some global markets show signs of recovering.

By George Chen and Michael Flaherty
(Editing by Ken Wills and Saeed Azhar)