Morgan Stanley Smith Barney has named Matthew Comyn as the new chief executive officer of its wealth management operations in Australia, the company said.

Mr Comyn was most recently the managing director of Commonwealth Securities and will begin in his new role in the last week of February. His appointment comes as the financial services firm continues to add to its slate of senior advisors in a bid to expand in the $900 billion Australian market, the US firm said in a statement.

The Australian wealth management industry is expected to grow larger as its population ages and the state adjusts retirement regulations. As has previously been reported by this publication, the Australian wealth management sector is seen as being in its relative infancy.

Morgan Stanley Smith Barney was born out of the joint venture between Morgan Stanley's and Citigroup's brokerage arms last year at a time of considerable M&A upheaval in the sector.