JAKARTA, Feb 1 (Reuters) - Morgan Stanley MS.N is finalizing a deal to buy a brokerage seat in Indonesia from PT Tiga Pilar Sekuritas to enable it to tap growing financial markets in Southeast Asia's biggest economy, five sources said on Wednesday.
A full broking licence, which is awaiting regulatory approval, will allow Morgan Stanley to cover the secondary side of sales and trading as well as research in a G20 economy that was recently lifted by rating agencies to an investment grade, said the sources who have direct knowledge of the deal.
The deal appears to have trumped efforts by Goldman Sachs GS.N, which was initially in talks with Tiga Pilar last year and had completed due diligence, a deal structure and valuation for the Jakarta-based securities firm. [nL3E7KC1V2]
However, a lack of progress with Goldman led Tiga Pilar's owners to start discussions with Morgan Stanley, according to three of the sources, who declined to be identified because the talks were private.
"The deal is almost done and the regulator is looking at it now," said one of the sources, adding that the process could be completed before the end of the first quarter.
The sources declined to give the financial value of the deal.
Tiga Pilar, Morgan Stanley and Goldman declined to comment.
Morgan Stanley has hired James Brewis, a former head of sales at UBS's UBSN.VX Indonesian unit, as its head of Indonesian equities, and plans to hire more salesmen, traders and research staff in coming months, according to three of the sources.
Morgan Stanley secured an underwriting licence in 2008 but is seeking a bigger presence through a full-fledged broker licence, while Goldman does not have an underwriting or broking licence in Indonesia.
(Reporting by Janeman Latul and Andjarsari Paramaditha in JAKARTA, and Saeed Azhar in SINGAPORE; Editing by Neil Chatterjee and Matthew Bigg)
((janeman.latul@thomsonreuters.com)(+6221-384-6364)(Reuters Messaging: janeman.latul.reuters.com@reuters.net))
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