Morgan Stanley continues to expand its nonresident wealth management business in the U.S. and has recruited two senior leaders who used to work for Credit Suisse.
It says it recently hired Gabriela Teran to be a managing director and head of international development in New York and Paul Arango to serve as a managing director in Miami, supporting client development and other efforts of its international client advisors (or ICAs).
Earlier, Teran was head of Credit Suisse Latin America’s New York office (2009-2016) and previously held various roles in branch leadership at Merrill Lynch. Aranjo led Credit Suisse Latin America U.S. after being an advisor at Goldman Sachs (1985-2001).
“During the past 18 months, International Wealth Management (IWM) at Morgan Stanley has established an identity while strengthening risk and control frameworks. Under the leadership of our International Wealth Office (IWO) managers, and through their focus on our specialized advisors and principal jurisdictions, we have seen significant growth in our non-U.S. resident (NRC) business,” explained James Jesse, head of IWN, in a memo late last week to the group.
The nonresident wealth business now has more than $100 billion in assets, Jesse says, and has “attained a market-leading position within this important client segment.”
In the near future, the executive adds, the group plans to introduce “a strengthened organization structure and additional resources focused on product, service, platform and growth initiatives geared toward addressing the specialized needs of international clients.”