Morgan Stanley Taps Goldman’s for New Europe Wealth Management Head

Contributing Editor

13 December 2005

Morgan Stanley has hired Alexander Classen from Goldman Sachs to head its private wealth management business in Europe and the Middle East. Mr Classen was most recently general manager of Goldman's banking operations for wealthy individuals and families in Switzerland. He will join Morgan Stanley in March, and will be based in London, according to a Dow Jones report. Mr Classen effectively replaces Marianne Hay, who left Morgan Stanley in June to head Citigroup Private Bank’s business in Europe. "International PWM is a key growth business for the firm, and nowhere is the opportunity greater than in Europe and the Middle East region," said Michael Durbin, Morgan Stanley's head of international private wealth management, in an internal memorandum. Mr Durbin was appointed in June. David Haythe, Paolo Revelli and Ernest Boles, heads of the private wealth businesses in northern Europe, southern Europe and Switzerland, respectively, will report to Mr Classen, according to the memo.