Morgan Stanley is planning to expand beyond institutional and alternative investments in Asia to offer retail mutual funds, the Financial Times reports. Specifically, the firm is looking to open offices in China, South Korea and Taiwan.
“If you are seriously interested in building a long-term asset management business globally, you can’t afford not to be in China,” said Blair Pickerell, head of Morgan Stanley’s Asian investment management division.
To accomplish this, Morgan Stanley is planning to enter into a joint venture in China, while in South Korea, the firm is planning to acquire another company.
Morgan currently operates a retail mutual fund unit in Japan and recently expanded in India.