Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Friday, October 24, 2014  

Morgan Stanley set to sell India unit
SINGAPORE/MUMBAI Morgan Stanley has launched the sale of its India private wealth management unit, which manages about $1 billion including loans, after entering the highly fragmented and competitive market just four years ago, sources with knowledge of the matter said.

Wealth management platforms are usually sold for about 2 to 3 per cent 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 in the face of rising regulatory costs and wafer-thin advisory fees. India is a particularly difficult market for wealth managers.

Cut-throat competition, high staff costs and weak markets are squeezing revenue, while opportunities for growth are limited by regulations that restrict product offerings and by the concealment of billions of dollars of personal wealth from tax officials.

Reuters
NEWS UPDATES
Oman
Meeting recommends GCC centre for water treatment
Documentary on Oman screened in Paris
Oxy Oman signs deal to back SMEs
70 projects vie for HM e-governance award
Other Top Stories
US strikes hit militia in Kobani, Mosul dam
Canada House locked down, intruder shot dead
Sultanate, Abu Dhabi ink deal for first wind energy plant
Rowhani opposes bill to empower Islamic vigilantes
2 die after Ebola test sparks riot in Sierra Leone
Middle East
Four Blackwater guards guilty of ’07 Iraq killings
Unrest-hit Tunisian city sees no peace in sight as clock ticks on poll
Settlers grab land through shady deals
S. Arabia sentences 13 over plot to attack US soldiers
Iran lawyer up in arms over practice ban
Business
MSM surges 120 points on global cues, better earnings
Middle East equity issuance rises 43%
Middle East equity issuance rises 43%
Oil could fall to $70 range in coming months: Moody’s
India may allow foreign firms in commercial coal mining
Wipro posts 8% rise in Q2 profit
Tainted firms feel heat of India ‘clean-up’ drive
DLF seeks relief from market ban
Beijing fears rate cut may fuel debt, property bubble
Japan hit by growing trade deficit
Total appoints new CEO after death of De Margerie
Apec to follow ‘flexible’ policies
Sports
Champions League throws up goal feast
Modest Guardiola says Bayern can do better
Ton-up Younis stands tall for Pakistan
Johnson not in Akram’s league yet, says Waqar
Utd job too big for Moyes: Alex
Scotland lifts Ghala Valley Open crown
Almouj gear up for NBO Golf Classic
Oman Sail triumph in Sailing Champions League
Oman Sail triumph in Sailing Champions League
AIBA suspends boxer Sarita and coaches

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution