Morgan Stanley plans to increase the number of private bankers in India by 50% within a year, Amitava Neogi, executive director at Morgan Stanley?s Indian wealth management unit, said.
?The wealth in Asia and emerging markets is growing, thanks to economic growth,? said Neogi, who plans to add 20 advisers to the 40 employed in India. ?India has favorable demographics, entrepreneurial spirit and a growing young population with increasing purchasing power.?
Morgan Stanley plans to double its private bankers in Asia over the next three years, Charles Mak, head of private wealth management for Asia, has said. The bank is competing with rivals including UBS AG, Citigroup Inc and Credit Suisse Group AG to hire financial advisers in a market with an estimated $7.4 trillion of private riches.