Photographer: Eric Thayer/Bloomberg
Morgan Stanley Is Creating a Team to Help With Ultra-Wealthy ClientsBy and
Morgan Stanley is creating a 66-person team to help financial advisers who work with some of the bank’s wealthiest clients.
The group will be called Morgan Stanley Family Office Resources and be led by David Bokman and Daniel DiBiasio, according to a memo Thursday from Shelley O’Connor and Andy Saperstein, co-heads of wealth management. Additional hires will be made this year, according to a person with knowledge of the matter, who asked not to be identified because the plans haven’t been made public.
Global banks including UBS Group AG and Barclays Plc have been expanding teams that serve some of their richest customers. Zurich-based UBS hired Gabriel Aractingi to run an ultra-high-net-worth business in Saudi Arabia, Bloomberg reported last month, and Barclays added a UBS banker last year to lead its private-banking operations in the Middle East.
The Morgan Stanley group will help clients address estate-planning issues, family governance, asset allocation and portfolio strategy, according to the memo. The New York-based firm also is offering access to lifestyle and concierge services for clients who typically have more than $20 million of investable assets.
Sarah McDaniel, previously head of the wealth-strategies group, will lead business development for the new team, according to a separate memo from Bokman and DiBiasio.