With its eye on wealthier international clients,
is merging its international wealth management and private wealth management businesses.
Separately, the firm is giving some executives new responsibilities related to its recent acquisition of employee-stock-plan manager Solium Capital.
Ileana Musa and Greg Gatesman will be co-heads of the international wealth management business and will report to Mandell Crawley, who currently leads private wealth management, according to an internal company announcement.
The reorganization comes as Colbert Narcisse, who was the head of international wealth management, is leaving to take a senior role at another firm, according to the announcement. That firm is TIAA, according to Citywire USA, which earlier reported news of the merger.
The combination is “consistent” with Morgan Stanley’s strategic focus on a “wealthier international client segment,” the announcement said.
“Over the past several years, we have refocused and repositioned our IWM business to serve a higher net worth client segment and have broadened our service offering to better meet their needs, including adding a full range of banking and lending services to augment our leading investment platform,” it added.
Meanwhile, Morgan Stanley is making adjustments related to its Solium acquisition. Jed Finn, COO of Wealth Management, will take on additional responsibilities as the head of a newly created Corporate & Institutional Solutions organization, according to another internal announcement. Direct responsibility for Solium will go to Brian McDonald, a Morgan Stanley managing director, who will report to Finn.
The new organization will include all of Morgan Stanley’s corporate stock plan businesses as well as its Virtual Advisor unit and its robo-advisor, Morgan Stanley Access Investing.
Morgan Stanley executives have said the Solium purchase will help the firm develop relationships with younger workers in the early stages of wealth accumulation.