Morgan Stanley has opened a new branch office in Miami to house 22 advisers overseeing $7 billion in client assets, the firm says.

The new office – Morgan's third in Miami – is geared towards serving wealthy clients from Latin America, the firm says. Most of the advisers are recent recruits from Credit Suisse, having joined Morgan under a recruiting arrangement that the wirehouse reached with Credit Suisse, which exited the U.S. wealth management market earlier this year.

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