In a challenging but still record-breaking year for the region's equity markets, Morgan Stanley Dean Witter has excelled, both for the breadth of its range and narrowness of its focus. Strong franchises across the whole region have meant that when some markets are closed for business, the bank has been able look elsewhere to collect its fees. Likewise, the sheer length of time, dedication and single-mindedness it has brought to bear in some markets, notably China, have paid off spectacularly.
The bank has led two of the big three big China privatizations of the year and managed to do so successfully against a volatile global backdrop. Indeed, the colossal weight of the huge deals...
