Morgan Stanley is putting some of its financial advisers into its Times Square headquarters in New York City for the first time as the Wall Street firm tries a novel approach aimed at generating more business between its investment bank and wealth management units.
Reuters reports that the sixth-largest U.S. bank has relocated 90 advisers from its private wealth management business, who deal with its wealthiest clients. They were previously in other New York locations including Morgan Stanley's Fifth Avenue office, people familiar with the matter said on Thursday.
The move, which creates a new flagship for its private wealth management operation at the bank's headquarters, is part of a long-running effort at Morgan Stanley to encourage more interaction between the separate banking and wealth units, which senior executives want to share more customers.
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