Morgan Stanley has hired Ileana Musa, head of global client strategy and segment at Bank of America Merrill Lynch, to lead a new banking and lending unit for its international wealth management business and private banking group, Citywire Americas can reveal.
According to a joint memo from international head Colbert Narcisse and private banking head Eric Heaton seen by Citywire Americas, the firm has launched the new unit as it allocates greater resources to the international wealth management business.
‘In order to provide a more robust offering and comprehensive offering for our discerning international wealth management clients, we will be creating a new international banking and lending team.
'This group will partner strategically with financial advisors to meet the unique banking and liquidity needs of our international clients,’ said the memo, which was sent to the Morgan Stanley private banking group employees and international wealth management branches. A spokeswoman from Morgan Stanley confirmed the contents of the memo but did not comment further.
Musa has been hired to lead the venture, as its new head of international banking and lending. She joins Morgan Stanley after 12 years in different senior positions at Bank of America Merrill Lynch.
It is understood that in her role as managing director, head of global client strategy, she worked as a liaison between international financial advisors and the larger group.
The memo said: ‘Ilena has extensive overall knowledge of international markets in both the wealth management and investment management businesses and has spent a significant amount of time working directly with financial advisors.’
She will report to both Heaton and Narcisse and join the management and operations executive committee for both their groups.
Narcisse has made a number of new appointments to the strategy and operation units to aid the international unit's growth since he was appointed in January. In March he hired former Julius Baer chief operating officer Greg Gatesman as head of business strategy and development.