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.