Wall Street giant Morgan Stanley promoted 173 of its employees to managing director roles this year, marking a 12% increase from 2024, a source close to the matter told Reuters on Wednesday.

Morgan Stanley’s Asia wealth chief is looking to boost the number of staff dealing with its richest customers as the US lender pushes ahead with its regional expansion.

At Morgan Stanley, 2024 marked Ted Pick’s first full year at the helm of the firm and the restrained size of its new MDs likely reflects his desire to keep the firm’s top rank a little more selective even as he contends with industrywide pressure to retain moneymakers across its ranks.