Morgan Stanley expands wealth management in Singapore
(13 March 2012 – Singapore) Morgan Stanley’s wholesale banking license has allowed it to expand its lucrative wealth management business and boost lending in Singapore.
The license from the Monetary Authority of Singapore enables the sixth largest United States bank by assets to operate one branch that can accept deposits of not less than US$250,000 (A$237,000).
Morgan Stanley said it transferred its Asian private wealth management business to bank branches in Singapore and Hong Kong in February.
It explained the new structure will allow it to provide clients with a more comprehensive suite of wealth-management services and a broader and more flexible range of products.
Previously, Morgan Stanley's Asia wealth management business in Singapore was operated through a local entity. Under a new organization, however, its wealth management business in Asia will be conducted through branches of Bank Morgan Stanley AG, a Swiss subsidiary of Morgan Stanley Smith Barney.
Asia has over 3.3 million millionaires. Expected wealth creation is at an annual rate of 8.7 percent for the Asia-Pacific.
Morgan Stanley said it transferred its Asian private wealth management business to bank branches in Singapore and Hong Kong in February.
It explained the new structure will allow it to provide clients with a more comprehensive suite of wealth-management services and a broader and more flexible range of products.
Previously, Morgan Stanley's Asia wealth management business in Singapore was operated through a local entity. Under a new organization, however, its wealth management business in Asia will be conducted through branches of Bank Morgan Stanley AG, a Swiss subsidiary of Morgan Stanley Smith Barney.
Asia has over 3.3 million millionaires. Expected wealth creation is at an annual rate of 8.7 percent for the Asia-Pacific.
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