Morgan Stanley cashes in on the rise of Asia's richest

Singapore

AT A time when banks are consolidating their business units to trim costs, Morgan Stanley is doubling down on its wealth business in Asia to tap the region's ultra-rich and build on its record profits from last year.

The world's second-largest wealth manager - ranked fifth in Asia by assets in the region - has targets to achieve double-digit revenue growth and a "high 20s" pre-tax income margin for its Asia wealth management business this year, a senior executive told The Business Times in an interview.