As private banks look to increase their Latin American coverage, Bank Morgan Stanley, the Swiss subsidiary of the US bank, has hired Luca Majic as an investment advisor covering Argentina, WealthBriefing has learned.

“Luca's in-depth knowledge of the Argentine market will make him an important addition to our team as we continue to grow our Latin America business,” said an internal memo seen by this publication.

Majic joins from Banco Santander Geneva, and has experience in various private markets including Argentina, the US and Switzerland.

In addition to this hire, Morgan Stanley has added Nicolas Duvillard as a sales assistant in the Latin America team. Duvillard also joins the firm from Banco Santander Geneva.

The LatAm region continues to attract attention from banks and wealth management firms, having recovered well from the financial crisis. It is also home to an unusually high proportion of ultra wealthy people among its HNW population (2.4 per cent compared to a global average of 0.9 per cent), as reported in the latest Merrill Lynch/Capgemini World Wealth Report.

Last month HSBC launched a Latin American desk, while Morgan Stanley and JP Morgan have also both ramped up their Latin American operations this year.