US investment bank KBW expands into Asia

Keefe, Bruyette & Woods (KBW), a full-service investment bank that specialises in the financial services sector, announced on May 11 that it is expanding into Asia.

Headquartered in Hong Kong with an additional office in Tokyo, KBW Asia is fully integrated with the firm's other business units in the US and Europe, offering sales, trading and research of Asian financial companies to clients around the world. It will also offer capital markets services to corporate clients in the Asia-Pacific region.

FinanceAsia talked to Thomas Michaud, KBW Asia chairman, and Vasco Moreno, KBW Asia global business coordinator about their plans. 

KBW is a specialist in financial services. The bank has had success in the US and Europe. What makes you confident the model will work in Asia?  
Michaud: Many of the largest investors in Asian equities are actually based in North America and Europe. Many of these same investors are some of KBW's best relationships. Our firm has already earned their confidence and we can do the same in Asia. Also, there is no other firm using the sector approach in Asia. There are country-focused firms and generalist firms. The financial services sector dominates the Asian stock market and we think it is the ideal sector for a pan-Asian approach. We faced the same competitive issues in Europe in 2004 and were able to successfully develop the specialist model. It is a model we are committed to and we believe it will work here as well.