Morgan Stanley Sees China's Tier-2 Cities Driving Wealth Gains
- Sees new demand from rich in China’s second-tier cities
- Targeting wealth clients who are ‘active’ owners of assets
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Morgan Stanley, which runs the world’s third-largest private bank, expects healthy growth in its Asian wealth operations this year, fueled in part by business from dealmakers and entrepreneurs in China’s smaller cities.
The New York-based bank is seeing rising demand for its wealth management services from the emerging rich in China’s second-tier cities like Xiamen, Fuzhou and Dongguan, said Vincent Chui, who heads Morgan Stanley’s wealth operations in Asia. Many are entrepreneurs cashing out of their businesses and seeking help investing the proceeds overseas, he added.