Morgan Stanley is letting some of its international wealth management clients go as global investment banks move away from smaller clients and focus on elite fund managers, Bloomberg News reported.
Morgan Stanley gave some of its international clients 30 days to liquidate their accounts or transfer to another financial institution. The New York-based investment bank cited the "increasingly complex" investment needs and opportunities of clients outside the U.S. as reason for the move, according to the report.
It remains unclear why Morgan Stanley made the decision and how many people were affected, although only a small percentage of relatively small international accounts were affected by the move, "a person with knowledge of the matter" told Bloomberg News.
Barclays Plc earlier encouraged approximately 7,000 customers to conduct more trades with the company or move to another bank, the news outlet reported. Citigroup Inc. and HSBC Holdings Plc have implemented tiered client lists, focusing more on top money managers.