Morgan Stanley has opened a new office in Miami dedicated to serving the wealth management needs of Latin American clients.
The new office is the US banking group’s third office in Miami, which will oversee nearly $7bn in assets under management.
The office employs 61 people in total, including 22 client advisors. It is staffed by 13 teams of International Client Advisors (ICAs), most of whom joined Morgan Stanley from Credit Suisse, which formerly occupied the site.
Morgan Stanley head of international wealth management James Jesse said: "We are pleased to launch this latest office dedicated to meeting the offshore wealth management needs of Latin American clients. Our International Client Advisors specialize in serving this market, which presents a significant opportunity for growth. We look forward to further expansion in this office as well as the introduction of significant new resources to meet the needs of our non-resident clients."
The office will report to Miami complex manager Kevin McCarthy. It will be supervised by branch manager Cristian Gonzalez Lami, who joins from Credit Suisse where he led the Miami private banking office.