Morgan Stanley Advisors Leaving Over New Account Restrictions
Morgan Stanley is increasing its account minimum requirements for international clients and is set to close or suspend thousands of domestic and offshore wealth management accounts as part of a due diligence review, according to Citywire.
The firm informed staff on Tuesday morning that accounts with less than $5m currently awaiting review by its due diligence team will be closed while accounts above this threshold would be subject to a slew of trading restrictions, according to a number of sources familiar with the changes.
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