Morgan Stanley is feeling bullish about wealth management in Asia with plans to add up to 60 private bankers in its Hong Kong and Singapore units this year.
Morgan Stanley’s Asia Pacific head of wealth management Vincent Chui said that the bank’s «continued expansion and growth will be actually a matter for us to accelerate in 2020,» adding that the new increased headcount for relationship managers could translate into «at least 50 or 60 more customer service, risk, and product specialists».
On acquisitions, Chui said the firm «will look at all opportunities» but stressed that it would expand at its own pace, according to a «Bloomberg» report. Expansion at Morgan Stanley contrasts moves made by rival UBS which is seeking to ax about 500 jobs globally with a focus on Europe and Asia.
«Risk On»
According to Chui, wealth creation remains robust and this is especially the case amongst second-tier Chinese cities and other parts of Asia. What’s more, clients in the region are now increasingly bullish about markets. «Two words: risk on,» Chui said just days after a phase-one trade deal triggered a rally in equity markets.
When asked about the effects of Hong Kong’s ongoing civil unrest, Chui noted that it hasn’t impacted Morgan Stanely’s business but said that clients were inquiring more about where and how to structure their wealth. «Clients are asking more questions about where and how to structure their wealth, whether it is Hong Kong, Singapore, U.S., and Europe,» he said. «I think in the ultra-high net worth segment, there are plenty of choices.»
