For the time being he will be replaced by well-known economist and Morgan Stanley Asia chairman, Stephen Roach, who has been with the bank since 1982.
"Hans and the senior team have done a tremendous job. We've seen significant growth in our Asia footprint and achieved record performances across all business lines,ö says Roach, referring to the sales and trading, banking, asset management and private wealth divisions.
"I will be responsible for leading our activities in the region, as well as continuing to spend time with clients, governments and regulators," adds Roach.
Schuettler's peers at rival banks expressed surprise at his early departure, though several noted that he was not well known in the market.
Schuettler, 52, declined to comment, but he is credited with putting Morgan Stanley on track in several key business platforms. For example, under his tenure, the bank separated from JM Financial, its joint venture partner in India, and is now building an independent business in this fast-growing market. While it is too early to say if this is working, the firm is taking the right steps û in October Morgan Stanley received its merchant banking license, which enables it to offer onshore investment banking advisory and underwriting services.
In China Morgan Stanley bought the Zhuhai-based Nan Tung Bank while Schuettler was at the helm. That was a unique deal because the firm was able to buy a 100% stake, which is unusual on the mainland. It also gained a commercial banking license.
Morgan Stanley has also grown headcount across the region under SchuettlerÆs tenure and announced last year that it was relocating to the ICC in West Kowloon, a move that should save the firm significant overhead costs.
Schuettler started at Morgan Stanley by helping to build the firmÆs debt capital markets business. He has held numerous high-ranking titles with the bank: from head of investment banking in Germany and Austria to country head of Germany and co-head of investment banking for Europe. He became CEO of Morgan Stanley Asia in April 2006.
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