Perella Weinberg Partners has added former Morgan Stanley executive Michael McGrath as a partner in its asset management group.

In his new role, McGrath, a former managing director at Morgan Stanley Smith Barney and head of global head of the alternative investment group, will work with firm’s marketing group and portfolio management teams on product development and building the firm’s private client services division.

"The high-net-worth segment continues to trend toward open architecture,” Terry Meguid, founding partner and head of Perella Weinberg’s asset management business, said in a statement. “To better position our asset management platform, Mike will be responsible for making our products more accessible to the underserved individual investor marketplace.”

At Morgan Stanley, McGrath was responsible for developing strategy and building global alternative investment capabilities for the wealth management joint venture between Morgan Stanley and Smith Barney.

"I look forward to working closely with Susan Soh, Chris Bittman and Jeff Silverman in crafting effective relationships, which will make available the firm's alternative investment strategies to many more private individuals,” McGrath said in a statement.

New York City-based Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments.

Larry Barrett writes for Financial Planning.