Aug. 20 (Bloomberg) -- SMBC Nikko Securities Inc., the investment banking unit of Sumitomo Mitsui Financial Group Inc., hired top-ranked Japanese auto parts analyst Kunihiro Matsumoto from UBS AG.
SMBC Nikko hired Matsumoto as a senior analyst in late July, Tadataka Ishida, a Tokyo-based spokesman for the brokerage, said in a phone interview today. Matsumoto was rated the No. 1 auto parts analyst in Japan this year by Institutional Investor magazine and a Nikkei Veritas newspaper poll.
Sumitomo Mitsui, Japan’s second-largest bank by market value, is expanding its equity business, seeking more fees and commissions as loan profitability at the nation’s banks remains the lowest in Asia. The brokerage also hired Hiroaki Funo as an auto parts analyst from UBS last month, Ishida said.
The Tokyo-based bank boosted fee and commission income 31 percent to 250.3 billion yen ($2.6 billion) in the quarter ended June 30 from a year earlier, Sumitomo Mitsui said last month. SMBC Nikko contributed to the gain, posting a more than sixfold profit increase as Japanese stock-trading volume surged. Revenue at the unit climbed 82 percent to 110.5 billion yen in the period.
--Editors: James Gunsalus, Darren Boey