The US firm has named the head of its brokerage business in the US which is aimed at the firm's ultra high net worth clients.

Morgan Stanley has named Eric Benedict to lead the brokerage business which serves the firm’s ultra-high net worth clients.

The private wealth management group reportedly includes some 350 advisors serving clients with $20 million or more in investable assets.

Benedict - who takes over from Doug Ketterer - will oversee the US private wealth management unit. He will report to Ketterer and Shelley O’Connor, head of field management.

Ketterer was appointed to head strategy and client management earlier this year.

Meanwhile, Vince Lumia will replace Benedict as head of capital markets.

The news follows an announcement in April that Morgan Stanley’s retail brokerage arm has cut part of its management structure, reducing the number of divisions to two from three and the number of regions to eight from 12.