Morgan Stanley's aggressive push into the UK corporate broking market has finally paid off after the US bank won its first new FTSE 100 client since hiring a team of brokers from Merrill Lynch last year.

HBOS, the UK bank, has appointed Morgan Stanley as joint broker alongside its existing broker Dresdner Kleinwort Wasserstein, after a beauty parade of seven investment banks held last month. Morgan Stanley replaces Cazenove, which has been dropped as joint broker by HBOS as part of the review.