Morgan Stanley to expand in Asia

7 June 2010

Investment bank Morgan Stanley is to expand its private banking team in Asia, a news report has stated.

According to Bloomberg, the financial institution is planning on doubling the size of the unit during the course of the next three years.

Morgan Stanley is planning to add 100 staff members to the team in 2010 alone.

Nick Chan, a former trader at Goldman Sachs, will be working with Charles Mak, head of private wealth management for Morgan Stanley, Asia, to develop the unit.

Mr Mak told Business Week: “This will be our most aggressive expansion in the private wealth space in Asia.

“This region has the best economic growth, the highest levels of wealth creation, and many players are coming to this part of the world, or are expanding.”

Meanwhile, Stephen Roach, chairman of Asia Morgan Stanley, is to move from Hong Kong to New York following a three year term in office.

He is returning to the US as a non-executive director for the bank as well as undertaking an academic position at Yale University.

Mr Roach will leave his job in Hong Kong on July 1st and, as yet, there are no plans to replace him.

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