Morgan Stanley is adding services that focus on Chinese entrepreneurs setting up family offices in Singapore.
Morgan Stanley is keen to get a slice of wealth from Chinese entrepreneurs, especially those who are looking to set up family offices in Singapore.
«The city is a key business hub for China entrepreneurs, as well as a family office nexus,» said Vincent Chui, head of Morgan Stanley's wealth management in Asia who was quoted in «Business Times» (behind paywall).
Preference for Singapore
Clients tend to prefer Singapore as a base for family offices as compared to Hong Kong, where the wealthy operate more on an individual basis, said Chui in a separate Bloomberg TV interview. Nevertheless, the US-based lender looks at both markets for these wealthy Chinese "as one", he said.
Chui added that Morgan Stanley can provide services to business owners who are made wealthier following initial public offerings (IPOs) managed by the bank.
Tapping On Emerging Rich
The New York-based firm expects rising demand from the emerging rich in China’s second-tier cities such as Xiamen, Fuzhou and Dongguan, Chui added. In the past, China’s billionaires mostly lived in cities such as Beijing, Shanghai and Guangzhou.
To serve them, the bank had planned its headcount to rise by 15 percent to 20 percent in Singapore and Hong Kong, as indicated by Chui said in an interview with «Bloomberg».
