Apr 03, 2013
London, March 27th 2013 - Morgan Stanley today announced a restructuring plan for its EMEA Private Wealth Management business (EMEA PWM). Under the plan, the Firm’s Swiss private bank, Bank Morgan Stanley AG, will be more closely aligned with the Firm’s Institutional Securities Group (ISG), enabling the businesses to better meet international wealth management client needs. This move follows a similar re-alignment of the Firm's Asian PWM business with ISG.
The Firm has also agreed to sell its EMEA PWM businesses in the UK, UAE, and Italy to Credit Suisse. The transaction is expected to close during the third quarter of 2013. Terms of the transaction were not disclosed.
“The restructuring is a culmination of a thorough strategic review of our EMEA PWM business,” said Colm Kelleher, President of Institutional Securities Group. “Our Swiss Bank is an integral part of our international wealth management offering, and by aligning the bank with our leading institutional franchise, we see considerable opportunities to better meet client needs and grow our international business.”
Re-disseminated by The Asian Banker