Morgan Stanley is looking to move to a bigger space within the financial district in Singapore in line with its expansion plans, Bloomberg reported.
The firm is in advanced discussions for five floors at the upcoming IOI Central Boulevard Towers, according to Bloomberg. The space, which will be able to house about 1,000 people, will cater to Morgan Stanley’s growing number of Singapore staff.
Morgan Stanley did not immediately respond to a request for comment from FSA.
The international bank’s businesses has grown steadily across southeast Asia and it remains positive on the outlook for the region, a spokesperson for the firm told Bloomberg. The spokesperson confirmed the plan to lease five floors at the new development from late next year, with the location to serve as the bank’s headquarters for southeast Asia.
Morgan Stanley’s expansion is being driven by growth in its fixed income and wealth businesses, as well as an increase in technology and back-office employees.
The bank’s office is currently in Capital Square, which is situated in Raffles Place area. As part of its move to the Marina Bay area, it will take up slightly more than 100,000 square feet (9,290 square metres).
Global firms are boosting their presence in Singapore to manage or expand their Asian operations. A boom in private banking, family offices and other financial services during the pandemic has bolstered demand for swanky offices in the city-state’s central business district.