The Wall Street Journal-20080213-Morgan Picks Owen Thomas As Asia CEO

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Morgan Picks Owen Thomas As Asia CEO

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HONG KONG -- Morgan Stanley has tapped Owen Thomas, a rising star who headed the Wall Street firm's global asset-management division, to become its new Asia chief executive, as Chief Executive John Mack moves to deploy more top talent in the region.

Mr. Mack is putting more emphasis on building up Morgan Stanley's operations in Asia, particularly China, where he has ties that few Wall Street chiefs can match. Those ties paid off in December, when Mr. Mack struck a deal for a $5 billion capital infusion from China Investment Corp., a government investment fund, to replenish the bank's balance sheet after it suffered write-downs related to subprime-mortgage losses.

The 46-year-old Mr. Thomas made a name for himself building up Morgan Stanley's real-estate business. He is a member of the firm's global management committee and served as president of Morgan Stanley Investment Management since December 2005.

"Owen has demonstrated the strategic vision and leadership skills necessary to manage and grow complex, multiregional businesses," Mr. Mack said in a statement.

Mr. Mack has built up his Asia team's profile since returning to Morgan Stanley in 2005. He rehired China deal maker Wei Christianson in early 2006 from Citigroup Inc. to become the firm's China chief executive. Last April, Mr. Mack sent the firm's chief economist, Stephen Roach, from New York to Hong Kong to become its Asia chairman and manage the firm's relations with government officials and senior business leaders in the region.

Mr. Thomas, who is a 20-year veteran of Morgan Stanley, will fill the role vacated by Hans Schuettler, who left last month to return to his native Germany after spending less than two years as Asia chief executive. Mr. Thomas is expected to begin as Asia chief executive by the end of this month and will be based in Hong Kong. Mr. Roach had served as interim chief executive since Mr. Schuettler's departure.

Mr. Thomas's previous responsibilities at Morgan Stanley's asset management unit will be divided among three bankers.