People Moves

Morgan Stanley Taps Lehman to Build Latin Wealth

Matthew Smith New York 15 February 2007

Morgan Stanley Taps Lehman to Build Latin Wealth

Morgan Stanley announced former Lehman Brothers executive Jon Mallon joined the firm to head regional sales for its Latin American Private W...

Morgan Stanley announced former Lehman Brothers executive Jon Mallon joined the firm to head regional sales for its Latin American Private Wealth Business based in Miami, building on a team of former Goldman Sachs and other Lehman converts. Mr Mallon started his career with Morgan Stanley in 1992 as part of the structured products team serving the private wealth division, and then spent six years in various senior roles at Lehman Brothers, according to a statement. He will report to Ernesto de la Fe, managing director and head of the regional wealth management business – another former Lehman executive who came to Morgan Stanley towards the end of last year. Mr Mallon brought with him five former Lehman investment professionals with combined assets of $600 million to serve high net worth Brazilian clients and institutions in the Latin American market. This followed the addition of 10 ex-Goldman Sachs investment professionals with $3 billion in assets in late January. The ex-Goldman team brought with it $3 billion in assets which was described by James Gorman, Morgan Stanley Global Wealth Management president, in January, as the largest external team Morgan Stanley had hired in private wealth management, and the third major team the firm had added in the previous two months to service Latin America. Mr Mallon is responsible for the oversight and ongoing sales management of the newly opened Private Wealth office in Miami, and his role will extend throughout the Latin American region, according to a statement. Morgan Stanley’s Miami office targets ultra high net worth Latin American clients with $20 million or more in investable assets.

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