Morgan Stanley To Sell India Wealth Management Unit To Standard Chartered PLC-Reuters

Monday, 20 May 2013 02:29am EDT 

Reuters reported that Morgan Stanley has signed an agreement to sell its Indian wealth management unit to Standard Chartered PLC. Financial terms of the deal were not disclosed. The process is expected to be completed by the end of 2013. Morgan Stanley launched the sale of its Indian private wealth management unit in November 2012. 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.