Morgan Stanley's Asia wealth push faces poaching pull by ultra-rich

Singapore

ASIA'S swelling ranks of the mega-wealthy are proving to be a mixed blessing for Morgan Stanley.

The firm's Asian private banking unit has boosted assets under management and revenue this year, according to Vincent Chui, who oversees the business. But because top bankers keep getting poached by family offices set up by the richest people, a plan to increase headcount has fallen flat.

At least 10 relationship managers left in 2017 for family offices, leaving headcount in Hong Kong and Singapore unchanged from the end of last year at about 100, Mr Chui said in an interview. Morgan Stanley's earlier plan w…