Morgan Stanley looks to hire 30 private bankers for Asia

The bank’s record 2019 profit was partly anchored by its wealth business.

Morgan Stanley is looking to add around 30 to 35 private bankers to its wealth business in Hong Kong and Singapore this year, according to a Bloomberg report.

The additional staff “would perhaps translate into at least 50 to 60 more customer service, risk and product specialists,” said the bank’s APAC wealth head Vincent Chui.

Chui spoke a day after Morgan Stanley posted a record profit for 2019, anchored partly by its wealth business which makes up more than half of its revenue.

He added that rich clients in the regions are becoming “more bullish”, brought about by a rally in equities after an initial trade deal between the US and China.

The bank was fifth in terms of client assets amongst private banks in Asia excluding China in 2018, according to the Asian Private Banker.

Here's more from Bloomberg.