One of the latest entrants to the private banking arena here, Bank Morgan Stanley AG, intends to keep its eyes on countries in Hong Kong's neighbourhood.
Alex Berner, the chief representative of the Swiss private bank's Hong Kong office, said that in addition to wealthy clients in the SAR, 'the focus will be very much on countries such as Philippines, Indonesia and Taiwan, where there are political uncertainties, weak currencies and where confidentiality and discretion are important'. The bank, owned by Morgan Stanley Dean Witter, will focus on discretionary managed accounts and Mr Berner envisions greater demand for alternative investments. 'These will become increasingly important beacuse of their non- correlation to traditional products such as equities and bonds,' he said.
The bank opened a rep office on Wednesday.
Bank Morgan Stanley AG, General Manager, Hermann Schwalm, said getting a foothold in Asia was 'critical to the bank's global strategy'.
Mr Berner said the bank had 'so far focused on Europe, South America and the Middle East, in order of importance'.
'We see strong potential in the long-term in Asia.'