Morgan Stanley has launched the sale of its India private wealth management unit, which manages about $1 billion including loans, after entering the highly fragmented and competitive market just four years ago, sources with knowledge of the matter said.Wealth management platforms are usually sold for about 2 to 3 percent of the assets under management, although the sources said it was not yet clear what price tag the unit could fetch.Morgan Stanley has launched a strategic review of the division, the sources said, a process that typically ends with a sale.The review is part of the bank's efforts to withdraw from subscale wealth management operations globally, one of the sources said.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $18.19. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 21538300 shares of MS exchange hands on a given day and today's volume is recorded at 0.
Source
