The fresh intake of personnel brings the unit's recruitment figure this year to 27 and comes after the bank announced last week that it had hired five of Lehman's sales specialists for the department.
It is anticipated the new recruits will form two new investment teams, with Jamie Fals and Gustavo Klimberg, who join as directors from Lehman, focussing on the Caribbean and Central America, whilst the intake of six from Merrill will concentrate on South America. The Lehman and Merrill hires will be responsible for managing client assets totalling over $400 million and $350 million respectively.
Commenting on the company's expansion in a statement, Morgan Stanely's head of private wealth and management in the Americas, Donald Herrema, said: "These appointments reinforce our commitment to the Latin America and Florida markets and our continued expansion in the region.''
The surge in hires for the company comes after predictions of an economic growth rate of four per cent in Latin America in 2007.