Deutsche Bank has hired UBS' entire Indonesia equity research team consisting of five people to form the core of a new local markets equity operation. The operation will be a joint venture, 60% owned by the local staff and 40% owned by Deutsche Bank.
It will undertake all Deutsche's research and sales efforts in Indonesia while execution and trading will remain with Deutsche Bank, through its local operation called Deutsche Bank Securities Indonesia. Last month Deutsche Bank Securities Indonesia successfully bid for a seat on the Jakarta Stock Exchange and it will be retaining this and not passing it onto the JV.
The five who...
