Morgan Stanley to grow private banking business in Asia
Group will leverage its investment and institutional banking business, says managing director
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MORGAN Stanley, a bulge bracket Wall Street investment bank involved in some of the biggest initial public offers, isn't exactly a go-to private bank in Asia but the bank aims to change that. It was a leading player in the giant US$25 billion offering of Alibaba in September, the biggest IPO ever.
But when it comes to Asia-Pacific's private bank industry, Morgan Stanley is more a niche player, admitted Vincent Chui, Morgan Stanley managing director and head of Asia institutional equity distribution and private wealth management.
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