Morgan Stanley hired two ex-Credit Suisse executives for its international wealth management unit, according to a memo sent to employees.
In Miami, ex-Credit Suisse executive Paul Arango will be responsible for supporting client development at Morgan Stanley International Wealth Management, the memo sent on Friday says. He will also join the firm's Latin American Management Committee.
In New York, Gabriela Teran will serve as Head of International Business Development and help strengthen product and content delivery, according to the memo. Teran was previously head of Credit Suisse's Latin America's New York office.
Morgan Stanley signed a recruiting agreement with Credit Suisse after the firm decided that it would exit the U.S. wealth management market. Morgan, as a result, said it opened a third office in Miami to house its new hires from Credit Suisse. The wirehouse pulled over nearly all 38 advisers covered under the agreement, according to a spokeswoman.
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The international unit now has over $100 billion in total non-resident client assets, according to the memo, written by James Jesse, head of International Wealth Management.
"During the past 18 months, International Wealth Management at Morgan Stanley has established an identity while strengthening risk and control frameworks," Jesse says in the memo.
Jesse also hinted at more future changes, saying that in coming weeks, "we will announce a strengthened organization structure and additional resources focused on product, service, platform, and growth initiatives geared towards addressing the specialized needs of international clients."
