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Morgan Stanley Realigns Private Wealth Group
Tom Burroughes
26 January 2010
Morgan Stanley is realigning its Private Wealth Management division to boost its revenues, as the firm beds down its joint venture with Citi’s Smith Barney business. The organisation will be realigned, according to a memo from Morgan Stanley Smith Barney president Charles Johnson. The memo was sent to employees. Among details of the change is a move by Michael Armstrong to manage the Morgan Stanley Smith Barney markets group while also leading the international Private Wealth Management unit. Heading up the US Private Wealth Management division will be US Wealth Management chief Andy Saperstein. The two will report directly to Charles Johnston Concerning the purpose of the changes, Mr Johnston said they will “strengthen the partnership in the US between PWM and our broader wealth management business, and launch a focused growth initiative in key international markets”. The move will have no impact the firm's business in the EMEA region, WealthBriefing understands.