Morgan Stanley has incorporated its Asia wealth management arm in Hong Kong to capture a larger share of the region’s growing private bank business.
"The incorporation of a bank in Asia demonstrates the firm’s continued commitment to our wealth management business in the region and enables us to make business decisions relating to Asian clients in Asia," Nick Chan, managing director told The Business Times in an interview.
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Chan added that incorporation will allow all decision- making to be locally based and clients can book in Hong Kong or Singapore.
"It makes a big difference to clients. For instance, spreads on loans can be taken here, we don’t have to wait for head-office decision", he was quoted as saying by the publication.
Globally, the wealth management business of Morgan Stanley manages more than $2 trillion in client assets, which is nearly 45% of the group’s total global revenues, he said.
"This means we are unique in being able to give our clients direct institutional access to our highly ranked research, equities, fixed income, currency, private equity and investment banking platforms – and that is a powerful place to be," Chan added.
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By GlobalDataPreviously, Morgan Stanley had operated its Asia private wealth management business through the Hong Kong and Singapore branches of Bank Morgan Stanley AG, a Swiss bank headquartered in Zurich.
Morgan Stanley, in April last year, announced the sale of the Swiss bank business, excluding the Hong Kong and Singapore branches, to Bank Safra Sarasin.
