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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
No More ‘Chinese Walls’? Morgan Stanley Puts Brokers Alongside Bankers
Reuters reports that Morgan Stanley is creating a new private wealth management flagship office at its Times Square headquarters in New York. To do so the firm is moving 90 of its financial advisers from its 522 Fifth Avenue location to Times Square. Some top wealth executives, including Vince Lumia, will also make the move to Times Square. Until now, Morgan Stanley's Times Square location has housed its institutional business which includes banking, trading and research.
Morgan hopes to generate more business between its investment bank and wealth management units by encouraging more interaction.
- e.g., an investment banker might introduce an executive whose company is about to go public to an adviser to manage his wealth;
- e.g., an adviser might introduce a corporate client to an M&A banker to get advice on a transaction.
The plan is the brainchild of Morgan Stanley's "strategic client management" unit, which is now run by Mr. Lumia, who also heads up the private wealth management group.