Morgan Stanley told some of its international wealth-management clients to liquidate their accounts or shift to another financial institution within 30 days.
“Serving the investment needs and opportunities unique to clients who reside outside of the U.S. has become increasingly complex,” the New York-based bank said Friday in a statement.
“As a result of a review of our international account policies, we have decided to exit some international relationships.”
It’s unclear what prompted Morgan Stanley’s change and how many people are affected, but the move involves only a small percentage of relatively small international accounts, according to a person with knowledge of the matter, who asked not to identified because the directive hasn’t been made public. The bank’s assets under management were $2.4 trillion at year-end.
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