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Over the next few years, FF&P gradually expanded, taking on wealth management for other rich families from offices run out of the tax haven of Liechtenstein.
See articleCredit Suisse reorganised its business into two distinct divisions: one that focuses on wealth management and the other on higher-risk global investment banking.
The firm had been waiting for months for the government to grant approval to buy the remaining stake, and the development is an important one for Morgan Stanley, which has made a big bet on wealth management.
UBS will concentrate on wealth management.
Morgan Stanley's trading businesses are underperforming, so it is even more dependent on wealth management.
It also demonstrated that Mr. Gorman's plan to focus on wealth management was working.
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"Persistent tight liquidity conditions in China's financial sector could constrain the ability of some banks to meet upcoming obligations on maturing wealth management products on a timely basis," the credit ratings agency Fitch Ratings said in a report.
In recent years, Singapore has begun to focus on banking, wealth management and other services, moving on from the manufacturing boom of the 1970s and 1980s that first brought prosperity to the city.
Dominik Von-arx, a UBS spokesman in London, declined to provide further information on the wealth management business.
Wall Street firms like Merrill and Citigroup are increasingly reliant on their wealth management businesses because they provide stable earnings.
valuation advice than Citigroup and Morgan Stanley's battle to put a price on their wealth management joint venture.
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