Morgan Stanley's Asia PWM Arm On Expansion Flightpath - Report

Tom Burroughes

30 October 2014

Morgan Stanley might have spun off part of its international private wealth business over the past year but its Asian operations are in expansion mode.

A report by AsianInvestor quoted Vincent Chui, Asia head of Morgan Stanley Private Wealth Management, as saying the Wall Street firm wants to add 15 to 20 relationship managers to the current roster of 100 RMs and a number of operational staff over the next 12 to 18 months. This part of the business concentrates on ultra high net worth clients with at least $100 million of assets, with a growing focus on family offices. In total, Morgan Stanley PWM oversaw $65 billion from Asia s at the end of last year. It is understood by this publication that that figure, while not officially confirmed by Morgan Stanley when asked about the matter, is correct.

This publication also understands that the details of the expansion and hiring goals of the firm are as reported. Morgan Stanley has declined to comment on other specifics.

The firm has been busy in Asia. Earlier in October, Morgan Stanley Morgan Stanley gave more detail on its appointment of former senior Goldman Sachs executive Vivien Webb as managing director and head of sales for China and Hong Kong in the private wealth management business. Webb was previously head of regional sales at Goldman Sachs Private Wealth Management with a focus on the Hong Kong ultra high net worth segment. In her new role, she will continue to be based in Hong Kong.

Separately, Eva Chan, managing director and previously head of sales for China and Hong Kong, has assumed a newly created role head of marketing and strategy for PWM Asia, focusing on client relationship management processes, marketing, advisory content and strategic initiatives. Chan joined Morgan Stanley in 1994 in Hong Kong.

Across the whole of the US-listed firm, it said in October that income from continuing operations soared in this year's third quarter, hitting $1.7 billion , up significantly from $889 million a year ago.