Morgan Stanley is planning to beef up its Asian investment management offering by launching retail fund management operations in mainland China, South Korea and Taiwan over the next two years, according to a report in the Financial Times. This is a move away from Morgan Stanley’s previous strategy in Asian of focusing on institutional fund management and alternative investments. Blair Pickerell, head of the bank's Asian investment management operation told the FT that Morgan Stanley wants to start negotiations with potential Chinese joint venture partners, but in other markets such as South Korea, it will try to acquire existing local businesses. “If you are seriously interested in building a long-term asset management business globally, you can't afford not to be in China,” said Mr Pickerell.