(Updates with Credit Suisse’s comments in fourth graph.)
Oct. 25 (Bloomberg) -- Credit Suisse Group AG hired Masaru Ohnishi, formerly of Morgan Stanley MUFG Securities Co., as its chief equity strategist in Japan, as the bank adds to its research team in a market where investment firms including MF Global Holdings Inc. are cutting back.
Ohnishi started today, according to a statement by Credit Suisse. Ohnishi had worked as an equity strategist at Morgan Stanley since 2009, the statement said. Natsuo Nishio, a spokesman at Morgan Stanley in Tokyo, declined to comment.
In contrast with MF Global, which last month cut at least three research positions in Japan, Credit Suisse has added analysts this year to cover autopart makers, transportation and banking. Japan’s benchmark Nikkei 225 Stock Average has fallen 14 percent this year, compared with a 0.3 percent drop on the Standard & Poor’s 500 Index in the U.S.
“We are enhancing equity operations” in Japan, said Isamu Kajino, a Tokyo-based spokesman at Credit Suisse, who said Ohnishi’s hire brings the total number of people in its Japanese equity research department to 59. “We have added people this year and plan to hire more.”
--With assistance from Eijiro Ueno and Masaaki Iwamoto in Tokyo. Editors: Jason Clenfield, Brian Fowler.
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