American multinational investment company, Morgan Stanley is striving to strengthen its foothold in Singapore and seeking Chinese businessmen who will aid the company to establish family offices. Morgan Stanley’s Asia operation head Vincent Chui said that Singapore has emerged as a leading business hub and it is a focal point for a family office. The U.S. Bank has tapped Wee Yee Yeong as a head of Singapore wealth business. It is also pondering to appoint relationship managers for Singapore and Hong Kong, he added.
The investment giant is significantly emphasizing its efforts to build family offices in Asian countries, as many Asian firms have been governing personal affluence of Asian millionaires businessmen and their relatives since 2015. Chinese business tycoons are also shifting their forces to format offshore structures as they are mainly heeding to safeguard their business from stern tax framework. Vincent Chui said that businessmen who get a substantial amount of wealth from initial public offering are among the best targets for Morgan Stanley to whom it can offer its services.
The company would like to hold the position of firm-wide partner for customers. It needs to grab that opportunity when the businessman is initiating for IPO. The company will strive to bring bankers to help the client from both the investment and wealth perspective, so the client could finalize the listing would influence his financial status and family. According to Chui’s statement, most of the clients plump for Singapore rather than Hong for family offices, as these are the nexus of wealthy operations. However, the bank has a similar prospect for both locations. Morgan Stanley has assisted more than 20 offshore IPO structures for Chinese organizations during 2018. The bank has lent a hand to Xiaomi Corp and Tencent Holdings for their share sales and additional offering.
Prior to Morgan Stanley Wee had served at Bank of Singapore, where he held the post of senior executive and was mainly focusing on family offices. The U.S. bank is set to appoint more than 50 relationship managers for Singapore and Hong Kong locations over three upcoming years. The bank will also introduce 150 regional heads simultaneously. The U.S. bank said it also needs investment counselors, specialists, and wealth planners to enter financial hubs with capital-market. The bank has recently halted the search for spree for Asian private banks so it can utilize the same efforts to find out efficient and talented workforce.