Morgan Stanley aims for double-digit growth at its non-US wealth management operations over a five year period, and would consider acquisitions to achieve its target, a senior executive said, according to Reuters.

"Certainly, in the international space, growing assets, revenues, banker headcount at double-digit growth would be part of our aspirations," Alexander Classen, head of Private Wealth Management EMEA for Morgan Stanley told the Reuters Wealth Management Summit in Geneva.

This would be over a full five-year economic cycle, he said. "Depending on the market, these might vary," Mr Classen was quoted as saying. "I think it is achievable."

Morgan Stanley became earlier this year one of the world's largest wealth managers after acquiring control of most of the wealth management assets of Citi's Smith Barney unit.

Mr Classen said Morgan Stanley's private banking arm, which will contribute to around 50 per cent of the bank's overall revenues under the new structure, planned to grow its international presence.