(Reuters) - Morgan Stanley’s (MS.N) international wealth management head, James Jesse, has left the firm, a spokeswoman said on Friday.
Colbert Narcisse, who led product strategy and development in Morgan Stanley’s investment solutions division, will replace Jesse, according to a firm memo, which was confirmed by Morgan Stanley spokeswoman Christine Jockle.
Narcisse joined Morgan Stanley’s investment management division in 2011 as the head of alternative investments. He previously worked in senior roles at Merrill Lynch, across investment banking and wealth management.
In his new position, Narcisse will report directly to Morgan Stanley wealth heads Shelley O‘Connor and Andy Saperstein.
The company gave no reason for Jesse’s departure. He joined Morgan Stanley in 2000 in the bank’s fixed income unit. He joined wealth management in 2006.
In the last several years, Morgan Stanley refocused its international business, including cutting the number of foreign accounts to focus on its most profitable customers.
The bank closed accounts in countries whose restrictive rules for offshore accounts made working with customers too expensive. It has also redoubled efforts to focus on more profitable regions, such as Latin America.
Morgan Stanley in late 2015 hired a team of private wealth advisers focussing on handling Latin American clients from Credit Suisse AG MLPN.P, after the Swiss bank shuttered its U.S. private banking business.
Morgan Stanley has more than 400 advisers who are U.S.-based and focus on international clients. They look after $100 billion of assets.
Morgan Stanley has retreated from on-shore wealth management operations in Switzerland, the United Kingdom, Italy, Spain, United Arab Emirates and India over the last few years.
Reporting by Olivia Oran in New York; Editing by Dan Grebler and Matthew Lewis