January 15, 2010 / 5:06 AM / 10 years ago

UPDATE 1-Morgan Stanley hires head of Indonesian i-banking

* Andy Purwohardono worked at Indonesian broker Danareksa

* Bank sees more cross-border deals in resources, consumer (adds detail on deals, quotes)

SINGAPORE, Jan 15 (Reuters) - Morgan Stanley (MS.N) has hired Andy Purwohardono as its head of investment banking for Indonesia, where the bank sees more cross-border deals in areas such as resources and the consumer sector.

Purwohardono, who last worked as president director at Danareksa, one of Indonesia’s biggest brokers, joined Morgan Stanley late last year, a spokesman for the bank said on Friday.

Morgan Stanley last year lost its Jakarta-based banker Inghie Kwik, who led the U.S. bank’s investment banking business, to Asia-focused private equity firm Affinity Equity Partners.

“Andy brings a wealth of local market knowledge and experience and will help grow our Indonesian investment banking business,” said Kate Richdale, co-head of investment banking in Asia Pacific. “Indonesia is a critical part of our regional investment footprint.”

Morgan Stanley, which advised on $2.9 billion worth of mergers and acquisition deals in Indonesia last year, ranked second after Bank of America’s Merrill Lynch, according to Thomson Reuters data.

For equity capital markets, Morgan Stanley ranked sixth in the league table for Indonesia with Credit Suisse CSGN.VX heading the table, the data showed.

Investors have become bullish about Indonesia because of its improving economic outlook and relative political stability under President Susilo Bambang Yudhoyono, who was re-elected last year.

The Indonesian government expects the economy could achieve average growth of 6.6 percent per year up until 2014, when Yudhoyono’s second term ends. [ID:nSGE60405Z]

Reporting by Saeed Azhar; Editing by Neil Chatterjee

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