The former head of Mexico for Santander Private Banking International has joined Morgan Stanley Wealth Management.
Carlos Mercadal joined the wirehouse’s Miami business last week as an advisor covering the Mexican market, according to sources.
A spokesperson for Morgan Stanley confirmed his hire but declined to comment further.
Mercadal worked at Santander Private Banking International for over 19 years in Miami and oversaw private bankers that cater to Mexican clients from the firm’s offices in Houston, San Diego, Miami and Geneza, Switzerland.
He left the group in September along with two senior private bankers, Antonio Olmedo and Javier Pardo.
Following his exit, Santander named senior private banker Borja Echanove to take over Mercadal’s post in Miami.
Morgan Stanley boosted its coverage of Central America and Mexico over the summer with the hire of three Miami-based advisors from Santander. Among them was Francisco Salazar, who focused on Mexican clients during the nine years he spent at the Spanish firm’s private banking division.
The two other advisors, Ricardo Avila and Javier Pérez Montes, mainly covered clients in the Dominican Republic and Panama, respectively.
This article was updated on November 30 with information on Carlos Mercadal’s role.