China is expected to see the biggest annual growth among the world’s largest private banking markets through 2023/Bloobergby Bloomberg
Morgan Stanley plans to add dozens of staff at its wealth business in Hong Kong and Singapore this year, signalling its confidence in the world’s fastest-growing region when it comes to minting millionaires.
Vincent Chui, the Asia-Pacific Wealth Head, said that the New York-based bank is looking to add 30 to 35 private bankers in the two cities this year.
“Our continued expansion and growth will be actually a matter for us to accelerate in 2020,” said Chui.
“The additional relationship managers would perhaps translate into at least 50 or 60 more customer service, risk and product specialists,” added Chui.
Chui’s comments came a day after Morgan Stanley reported a record profit for 2019, helped in part by its wealth business, which makes up more than half of its revenue.
“Wealth creation, particularly in second-tier Chinese cities and other parts of Asia, continues very, very strongly,” said Chui.
In a report, Boston Consulting Group noted that China, Asia’s biggest economy, is expected to see the biggest annual growth among the world’s largest private banking markets through 2023. The nation’s wealth accounted for more than half of all assets in Asia, excluding Japan.