James Gorman wants Morgan Stanley to ramp up its presence in China. This plan comes on the back of a trip to the Middle Kingdom.
The New York-based bank is seeking a stronger presence in China. James Gorman, chairman and CEO of Morgan Stanley, said he wants to increase the stake in joint venture Morgan Stanley Huaxin Securities to 51 percent from the current 49 percent and ultimately to a 100 percent, news agency «Xinhua» reported.
«Over time we would definitely look to move to a bigger presence in wealth management within China. That is a logical step for us,» Gorman said. «There has been significant wealth creation,» he added.
Big Names Enter
China's financial market regulator now permits foreign companies to take majority stakes in joint venture brokerages. Coupled with the domestic China growth story the move has already attracted other global institutions.
U.S. bank J.P. Morgan Chase, Swiss bank UBS and Japan’s Nomura have all initiated a renewed push into the country, as finews.asia previously reported.
