Morgan Stanley said its wealth clients are “extremely bullish” on China’s economy as the mainland reopens its borders.
(Bloomberg) — Morgan Stanley said its wealth clients are “extremely bullish” on China’s economy as the mainland reopens its borders.
There’s lots of demand for financial products and the bank is seeking to hire more private bankers in the region, Vincent Chui, who heads the Asia-Pacific unit serving rich clients, said in a Bloomberg TV interview on Friday.
Chui is positive about the private wealth industry this year and expects assets under management to rise.
“My best guesstimate is that for the industry overall, everybody is looking at at least 20% or so,” he said, referring to the potential increase in assets managed.
China’s reopening is being welcomed by investors as a boost for the nation’s economy, that has been hit over the last few years by a crackdown on private enterprise and stringent Covid curbs.
–With assistance from Stephen Engle.
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