Morgan Stanley expects to hire 75 advisers in the U.S. this year to target rich Latin Americans investing in the world’s biggest economy, part of a strategy to focus on the region as other international banks retreat.
“We plan to continue to recruit successful teams from our competition this year,” James Jesse, the firm’s head of international wealth management, said in an interview. One of the bank’s strategies is to attract ultra-high-net-worth individuals by offering them resources similar to those available to institutional clients such as hedge funds and corporations, including economic and equity research, investing strategies, hedging and bespoke products, Jesse said.
Bloomberg News reports that the new hires would bring to 435 the number of people Morgan Stanley has helping foreigners with their U.S. investments, after the company added 75 advisers with $25bn in assets under management during the past two years, Jesse said.
Morgan Stanley’s worldwide wealth-management business had a total of 15,889 advisers with $1.98tril of client assets as of the end of December.
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