Morgan Stanley selling its Indian private bank - sources
November 7, 2012 7:42 PM EST
Wealth management platforms are usually sold for about 2 to 3 percent of the assets under management, although the sources said it was not yet clear what price tag the unit could fetch.
Morgan Stanley has launched a strategic review of the division, the sources said, a process that typically ends with a sale.
The review is part of the bank's efforts to withdraw from subscale wealth management operations globally, one of the sources said.
The sources declined to be named because the sale process is not public.
A Morgan Stanley spokesman declined to comment.
The bank's India unit sale underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits due to rising regulatory costs and wafer-thin advisory fees.
(Reporting by Saeed Azhar in Singapore and Sumeet Chatterjee in Mumbai; Additional reporting by Nishant Kumar; Editing by Denny Thomas, Michael Flaherty and Edmund Klamann)
Most Popular Slideshows
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google Release Roundup: New Nexus 6, Nexus 8, Android 5.0 L Launch and Killer Features
- Xperia Z, Xperia ZL, Xperia ZR Android 4.4.4 KitKat Update Guide
- Samsung SM-A500 (aka Wallet-Friendly Galaxy Alpha) Clears TENAA Revealing Images And Specs
- Amazon Announces Kindle Fire HD 6, Kindle Fire HD 7 Tablets; Official Release Date Is Oct 2
- 'ISIL Has To Be Defeated, Plain And Simple, End Of Story,' Sen. John Kerry
- Chinese Property Developer Flees To New Zealand After China Arrests Vice-Mayor For Corrupt Deals
- Amazon Announces 7 New Kindles: Upgraded Amazon 8.9-inch Kindle Fire HDX Available Now On Pre-order