Q How has the current climate U-shape recovery etc. changed your strategy, if at all
MF Our Asia Pacific footprint is critical to the firm's overall business strategy. We are not immune from the global downturn in markets and therefore we are also focused on managing costs and further upgrading the quality of our people. That said, Asia has grown less rapidly than the rest of the world, and Morgan Stanley's strategy here has been measured - organic growth that moderates the cycles. Slower years are a great opportunity for us to differentiate ourselves with clients. Our healthy pipeline, particularly in equity and MA, is evidence of that and part of this year's...
