Morgan Stanley headquarters in New York. (Photo: AP)

Morgan Stanley says it opened a third office in Miami to serve its Latin American clients.

The office includes 13 teams of International Client Advisors, who have close to $7 billion in assets under management, according to the firm. Most of the advisors recently joined Morgan Stanley from Credit Suisse, which formerly occupied the office. The office employs 61 people in total, including 22 client advisors.

“We are pleased to launch this latest office dedicated to meeting the offshore wealth management needs of Latin American clients,” said James Jesse, head of International Wealth Management, in a statement. “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 new office reports to Miami Complex Manager Kevin McCarty and is supervised by Branch Manager Cristian Gonzalez Lami, who has over 20 years of experience in wealth management, most recently at Credit Suisse, where he headed the Miami private banking office.

Morgan Stanley says the new office is located on Brickell Avenue, just south of downtown Miami. The firm’s two other international offices are nearby on South Biscayne Boulevard.

While Morgan Stanley’s total wealth-management business includes 15,800 advisors with some $2 trillion in client assets, $90 billion of which are owned by non-resident clients who work with about 400 International Client Advisors in 12 International Wealth offices worldwide.

In December, Morgan Stanley reported stuck a deal to exclusively recruit Credit Suisse advisors in the U.S. who focus on Latin America, according to the “Wall Street Journal.” The group included 35 advisors, who manage some $16 billion in assets or about $457 million on average, the paper said; the reps each generate close to $4 million in yearly fees and commissions.

Morgan Stanley’s operations with Latin America-focused reps included 275 advisors as of December, who generate $275 million in annual revenue and has $45 billion in assets under management, the paper added.

A year ago, the Americas Group, which manages about $2.4 billion for both retail and institutional clients, left Morgan Stanley for Raymond James (RJF).

Morgan Stanley said at that time that it was “no longer able to accommodate [the team's] business model. They serve a number of smaller central banks in Caribbean and Latin American countries, and for regulatory reasons we are shifting coverage of these clients to our institutional business and will no longer serve them in wealth management,” the wirehouse explained in a statement.

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