Morgan Stanley’s global wealth management business is starting to look rather familiar. In February, Morgan Stanley hired one-time COO of Merrill Lynch’s global wealth management Colbert Narcisse to be COO of its investment strategy and products in the Smith Barney business.
Morgan Stanley’s chief executive, James Gorman, himself the former president of Merrill Lynch’s global wealth management business in 2005, has made no bones about declaring the push that the firm is making in its wealth management business, which combines the former Smith Barney brokerage with its private clients business, and asset management.
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