The US brokerage, investment management and banking group plans to add as many as 35 private bankers in Singapore and Hong Kong this year, part of a build-out that the firm is determined to carry out.

Morgan Stanley intends to bulk up its Hong Kong and Singapore wealth businesses with dozens of new hires, according to Bloomberg last Friday.

The US bank, which reported fourth-quarter financial results last week, plans to add 30 to 35 private bankers in the two cities this year, Asia-Pacific wealth head Vincent Chui was reported to have told the news service. (The television interview was reiterated by the Straits Times.)

"Our continued expansion and growth will be actually a matter for us to accelerate in 2020," he was quoted as having said. The additional relationship managers "would perhaps translate into at least 50 or 60 more customer service, risk and product specialists".

Asked whether Morgan Stanley is open to acquisitions, Mr Chui said that the firm "will look at all opportunities". "We want to expand this business at our own pace,” he said. 

Chui said that Morgan Stanley's business has not been hit by the Hong Kong protests, but went on to say that "clients are asking more questions about where and how to structure their wealth, whether it is Hong Kong, Singapore, US and Europe".

In its results statement of 16 January, Morgan Stanley said that it logged net revenues of $10.9 billion for the fourth quarter ended 31 December 2019 compared with $8.5 billion a year ago. Net income applicable to Morgan Stanley was $2.2 billion, or $1.30 per diluted share, compared with net income of $1.5 billion, or $0.80 per diluted share, for the same period a year ago. Wealth management delivered a pre-tax margin of 27.2 per cent for the full year, reflecting record net revenues and pre-tax income, it said.