Following the successful launch of its joint venture, Morgan Stanley Smith Barney intends to grow its advisor population that focuses on ultra-high net worth clients under the Morgan Stanley Private Wealth Management name. Led by Michael Armstrong, MD, Morgan Stanley Private Wealth Management is expected to bring together approximately 500 trained private wealth advisors to deliver a range of wealth management, asset management, private banking, capital markets and investment banking services to ultra-wealthy individuals and families in the US, Latin America, Europe, Middle East and Africa, and Asia.
Mr. Armstrong is expected to partner with Andy Saperstein, MD and head of Morgan Stanley Smith Barney’s broader wealth management business in the US, to deliver service offering to the ultra-high net worth marketplace. He said: "Both firms have been committed to providing a differentiated client experience, superior market intelligence and access to innovative solutions from leading investment specialists from around the world. Our new, enlarged organization will give us even more resources that we can bring to bear as strategic partners for our clients."
James Gorman, co-president of Morgan Stanley and chairman of Morgan Stanley Smith Barney, said: "The combination of Morgan Stanley’s well established Private Wealth Management division and Smith Barney’s leading Citi Family Office capabilities creates a strong platform for individuals and families of significant means. These clients have highly specialized wealth management and private banking requirements which we are uniquely positioned to fulfill."
Charlie Johnston, president and COO of Morgan Stanley Smith Barney, said: "Since we announced the Morgan Stanley Smith Barney joint venture, we have been excited about the breadth and depth of the relationships, professional expertise and sophisticated offerings of the two organizations, and our ability."
