Morgan Stanley acquires 10-strong South America team

24 January 2007

Morgan Stanley has succeeded in poaching a total of ten personnel from rival Wall Street bank Goldman Sachs to bolster its wealth management operations in South America.

The investment professionals will join Morgan Stanley's Private Wealth Management operations, the bank said, with the majority set to be based in Miami.

Others will be based in Switzerland to help develop the bank's Swiss private banking offerings in the South American market.

The former Goldman Sachs team has been drafted in to further develop the emerging market, which has been a focus of Morgan Stanley in recent months.

"We are committed to growing our private wealth business globally, and are delighted that a team of this caliber is joining us to serve the Latin American market," said James Gorman, president of global wealth management at Morgan Stanley.

"This is largest external team we have hired in private wealth management, and the third major team we've added in the past two months to serve Latin America."

The bank aims to target "ultra-high net worth" individuals, families and related institutions in the region.

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