Q1. How did the business perform in 2025, and what drove its growth over the past year? How has the cost-income ratio trended this year, and what were the key factors influencing it? Looking ahead, what are your main priorities and strategic plans for 2026?

2025 was a strong year for the private banking industry in general, and Morgan Stanley PWM Asia in particular. We have seen a very healthy trend of growth across AUM, revenues and PBT margin. Geopolitics and volatility drove clients’ risk management and wealth planning needs. Strong global equity markets empowered risk-on sentiment and increased demand for investment solutions.

For 2026, we are constructive on the outlook of the industry. We have three key priorities. Firstly, focus on opportunities from wealth creation resulting from a strong capital market environment, particularly in Hong Kong and the US, through working in partnership with our investment banking team. Secondly, create customised risk management solutions to help clients navigate global market volatility, particularly in the US across equity, fixed income, rate and FX markets. Thirdly, accelerate the adoption of AI capabilities from a productivity focus to a frontline client solution focus.

Q2. With regulatory scrutiny and compliance requirements intensifying across the wealth industry, what updates can you share on how your firm is strengthening governance and compliance frameworks? How are you proactively managing risks while ensuring a seamless experience for clients?

At Morgan Stanley, we have a robust culture and framework protecting the firm against franchise and regulatory risks. Management leads from the front and will not hesitate to say no to business which is unsuitable for the firm and/or clients. This means we are probably stricter than some of our peers in conducting higher-risk business, but clients know that when we say yes, we go in full force with the backing of Morgan Stanley’s global institutional capabilities.

Q3. The private banking industry saw a plethora of leadership and structural changes in 2025. Looking into 2026, what are your key priorities for attracting and retaining talent across the front, middle, and back office? Are there plans for new hires in key markets?

Private banking is one of the best businesses within the financial services industry in Asia.   There is a lot of potential top talent we could recruit from the institutional securities space who are interested in making a career change.

However, the biggest challenge remains recruiting culturally suitable, market-savvy sales talent, particularly from the Chinese Mainland and Taiwan. Whilst we are in constant dialogue with potential external candidates, we also seek to identify suitable in-house client-facing investment professionals for a change into sales roles.