Morgan Stanley Private Wealth Management announced yesterday that it has hired a cross border team of 10 investment professionals to serve the Latin American market. A team of six will be based in the new Private Wealth office in Miami.

Also, to strengthen its Latin American coverage, Morgan Stanley has also hired four additional members who will be based in Geneva, Switzerland, who will further develop the firm’s Swiss Private Banking offering in Latin America. The team joins from Goldman Sachs with combined assets of US$3 billion.

“We are committed to growing our private wealth business globally, and are delighted that a team of this caliber is joining us to serve the Latin American market from Miami and Geneva. This is largest external team we have hired in private wealth management, and the third major team we’ve added in the past two months to serve Latin America,” said James Gorman, president, global wealth management group.

“We are extremely pleased that this seasoned team, with extensive knowledge of the Latin American markets and a strong Swiss banking capability, has joined Morgan Stanley,” commented Donald Herrema, head of private wealth management, Americas. “Morgan Stanley is committed to expanding in this market and these appointments underscore our resolve to increase our footprint in this region.”