“The firm’s 140 relationship managers in the region could grow to 200 over the next few years,” said Vincent Chui, head of wealth management for Asia Pacific.

“Morgan Stanley’s scale and priority on the super wealthy can help customers diversify away from Asia to other parts of the world, including sectors such as AI and healthcare in the US,” he said in a Bloomberg Television interview in Hong Kong.

“We are in a very fortunate position. We focus on the most important ultra-high net worth segment in Asia,” Chui said today.

“For many other players, it is challenging in terms of justifying the cost expansion and trying to find the profitability,” he said.

Wealth management firms in Asia are looking to double assets under management to almost US$260 trillion by 2026 and boost revenue, according to an Accenture report last year.

At Morgan Stanley, wealth and asset management has boosted recurring sales and returns and is expected to remain a key driver of profit.

“The secular growth of the sector, particularly in the ultra-high net worth segment, is still strong,” he said.