Morgan Stanley Group Inc. is gearing up its sales force in Asia, with a plan to hire 20 private bankers in the next three years for the wealth management market, the Hong Kong Economic Journal reported Monday.
The company expects its business in China to grow faster than other markets in Asia Pacific, the report said, citing Vincent Chui, managing director and head of Asia institutional equity distribution and private wealth management.
Mainland China accounts for 30-40 percent of sales which are expected to expand to 50 percent as Chinese private wealth continues to grow.
Also, the group is seeking to leverage its private banking network for cross-sales, which generated 20 percent of transactions and investment banking income last year.
In 2014, the company was No. 8 by assets under management with US$70 billion, up 7 percent from 2013, according to Asian Private Banker.
Wealth management accounts for half of the group’s income on more than US$2 trillion of assets under management worldwide.
Translation by Vey Wong
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