Morgan Stanley plans to increase its Asia wealth team as it focuses on ultra-high-net-worth clients in the region. The firm’s 140 relationship managers could grow to 200 in the coming years, according to Asia Pacific wealth chief Vincent Chui. The bank aims to help wealthy clients diversify investments globally, including in sectors like AI and healthcare in the US. Wealth management firms in Asia aim to double assets under management to USD260tr by 2026, Accenture reported. Morgan Stanley sees wealth and asset management as key profit drivers, benefiting from recurring sales and strong growth in the ultra-wealthy segment. Chui said China’s markets appear to be bottoming out, offering value, while the US provides better growth-adjusted returns.