Nov 7 (Reuters) - Morgan Stanley has launched the
sale of its India private wealth business, 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 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
The review is part of the bank's efforts to withdraw from
subscale wealth management operations globally, one of the
The sources declined to be named because the sale process is
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)