Morgan Stanley Private Wealth Management is a division of Morgan Stanley Smith Barney. It caters to ultra-high-net-worth individuals, families and foundations with $20 million or more in investable assets. The division has teams that provide integrated wealth planning, asset allocation and investment strategy, portfolio construction and specialized-brokerage services including global execution of transactions in a range of financial products.
In addition to its U.S. clients, Morgan Stanley Private Wealth Management, or PWM, has clients in Latin America, Europe, the Middle East and Asia. PWM has 18 offices. Eleven are in the U.S. in cities including Atlanta, Boston, Chicago, Houston, California, Miami, New York City, Philadelphia and Washington, D.C. Its international offices are located in Geneva, Hong Kong, Singapore, Milan, London, Zurich and Mumbai.
Morgan Stanley Smith Barney is a newly-created joint venture resulting from the merger of Morgan Stanley’s brokerage group with Citigroup Inc.'s Smith Barney unit. Morgan Stanley’s U.S. wealth-management head Andy Saperstein leads PWM in the U.S. Michael Armstrong, who had been global head of Morgan Stanley’s Private Wealth Management group, is leading the same group outside the U.S. as well as Morgan Stanley Smith Barney’s markets group.
Parent Morgan Stanley, like other firms, raised base salaries to make up for lower bonuses and is paying a larger proportion of compensation in stock that can't be sold immediately and can be clawed back for up to three years if the firm realizes losses on certain trading positions or investments. Members of the corporate operating committee will earn 75% of bonuses in stock, with payments subject to clawbacks and a portion to tied to the company's stock performance. Average compensation per employee was $235,193 in 2009. CEO James Gorman didn't take a cash bonus for 2009, instead receiving his pay in deferred compensation. Chairman John Mack passed on a year-end bonus for the third year in a row.
Job candidates may want to check out parent Morgan Stanley's comprehensive careers portal. Morgan Stanley Private Wealth Management offers a 16-week PWM associate training program. Come armed with your M.B.A.