Morgan Stanley to capture Asian wealth from Singapore hub

Singapore

MORGAN Stanley will grow its wealth management business in the region at a quicker clip than before, with plans to set up a China desk in Singapore to cater to private wealth flowing through the next economic powerhouse, said Ronald Ong, Morgan Stanley's chairman and chief executive for South-east Asia.

This balance between investment banking and wealth management reflects the shift that has already emerged at the global level for the US bank, and comes as Morgan Stanley is eager to tap Singapore's status as a private wealth management hub that is already drawing clients from traditional European wealth centres of Switzerland, and London, Mr Ong told the Business Times.