Morgan Stanley has named Colbert Narcisse to the key role of head of its US-based international wealth management business, after James Jesse stepped down from the position last week, the company confirmed.
According to an internal memo seen by International Investment, Narcisse, who currently heads up Morgan Stanley’s product strategy and development operations in its Investment Solutions division, replaces Jesse as head of the company’s extensive international wealth management business, which focuses on some 60 jurisdictions located primarily in Latin America and the Caribbean, but also in EMEA and Asia Pacific.
Narcisse joined Morgan Stanley’s Wealth Management division in 2011 as the head of alternative investments. He previously worked in senior roles in investment banking and wealth management.
In his new role, Narcisse will report directly to Morgan Stanley Wealth Management heads Shelley O’Connor and Andy Saperstein, the memo said.
The memo didn’t give further details, nor say what Jesse’s plans are, and the press office also declined to comment, beyond confirming Narcisse’s appointment.
Based in New York and listed on the New York Stock Exchange, Morgan Stanley is a major multi-national provider of financial services. Its international wealth management arm is focused on expatriates and others with US accounts who are currently residing outside of the US. These clients, whose combined client assets are said to total more than US$100bn, are looked after by more than 400 so-called International Client Advisors, located mainly in 12 US-based international offices.
The company recently exited onshore wealth management operations it used to have in Switzerland, the UK, Italy, Spain, the UAE and India, reportedly to focus on more markets in which it saw more profit potential.
Morgan Stanley’s US-based International Wealth Management operation is separate from a growing wealth management business it currently operates in Asia and Australia, which is aimed at ultra-high-net worth onshore clients in this region.