“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Saturday, 21st November 2009
Morgan Stanley has hired Sandeep Jain from Ambit Capital as an adviser in its Indian private wealth management unit, according to a report in Business Standard.
At Ambit, Jain was the director and chief of its private client group, leading a team of over 20 private wealth advisers and running client assets worth $800m (€570.3m).
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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