Morgan Stanley names Roach as Asia chairman

HONG KONG: Morgan Stanley appointed Chief Economist Stephen Roach as Asia chairman to help lead the firm's push to handle more takeovers and stock sales for companies in China.

Roach, a pessimist on the US economy who's praised China's economic transformation, will take up his post in June and move to Hong Kong in September, Morgan Stanley said. He replaces Alasdair Morrison, who retired this month. New York-based Roach joined Morgan Stanley in 1982.

As Asia chairman, Roach will head Morgan Stanley's contacts with governments, companies and clients in the region.

Morgan Stanley has been expanding in Asian markets including China, India, Korea and Japan. The firm last month announced it will pay 425 million dollar to buy out its joint venture in India with JM Financial, opting to go it alone in the world's second fastest growing major economy.