Wealth managers have been complaining for sometime about the lack of talent when trying to hire senior private bankers. Well, they appear to...

Wealth managers have been complaining for sometime about the lack of talent when trying to hire senior private bankers. Well, they appear to have found a rich new source to exploit, Morgan Stanley’s private wealth management business, which is haemorrhaging staff.

Yesterday, another departure was announced at the Wall Street firm’s private wealth management, that of David Horn, who was responsible for global marketing and in charge of the global senior relationship managers at the bank’s PWM division. Mr Horn is considered in the industry as one of the best private bankers dealing with ultra-high net worth individuals.

Mr Horn’s departure comes just days after the announcement of the resignation of Marianne Hay, the head of its European private banking business and her boss in New York, Mayree Clark, head of the bank’s international individual investor group.

Those departures follow on from nine departures from the bank’s PWM department in London and three departures from its private client business in Boston.

Mr Horn joined Morgan Stanley in 1999 after the bank acquired the firm he founded called Graystone Partners, which was one of the largest investment consulting firms in the US serving families, each with assets in excess of $100 million.

WealthBriefing was not able yesterday to establish where Mr Horn had gone, nor why he had left Morgan Stanley.