The Ultra Rich Keep Poaching Morgan Stanley's Top Bankers
- Firm has failed to increase headcount this year, Chui says
- Family offices can offer higher pay due to talent shortage
Photographer: Eric Thayer/Bloomberg
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Asia’s swelling ranks of mega-wealthy are proving to be a mixed blessing for Morgan Stanley.
The firm’s Asian private banking unit has boosted assets under management and revenue this year, according to Vincent Chui, who oversees the business. But because top bankers keep getting poached by family offices set up by the richest people, a plan to increase headcount has fallen flat.