Morgan Stanley on 20 May 2013 signed an agreement to sell its Indian wealth management unit to Standard Chartered. Financial terms of the deal were not disclosed.
The sale of the unit 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.
Morgan Stanley is an American multinational financial services corporation. It is headquartered in the Morgan Stanley Building, Midtown Manhattan, New York City.