Morgan Stanley Private Wealth Management has appointed a new head for the US, serving ultra high net worth clients, the US banking and brokerage giant said today.

The position of head of the wealth management division had been opened, a spokesperson said.

The segment, which is part of Morgan Stanley Smith Barney, said Douglas Ketterer most recently served as chief operating officer of wealth management, US, in MSSB. He joined Morgan Stanley in 1990 in the corporate finance area.

The segment that Ketterer will now lead serves UHNW clients through a network of 300 private wealth advisors, it said.

Ketterer reports to Andy Saperstein, head of wealth management in the US. Morgan Stanley is due to release second quarter results on Wednesday.