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.
For more information see http://citywire.com/americas/news/morgan-stanley-closes-accounts-and-ups-int-l-minimums-amid-due-diligence-review/a2402014
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