Morgan Stanley Wealth Management was reportedly hit with a technology issue that affected the re-balancing of brokerage accounts, Reuters reported, citing FOX Business.
Morgan Stanley Wealth Management was not hit by a technology issue that reportedly affected the re-balancing of brokerage accounts, a spokesperson told Family Wealth Report.
FOX Business, citing an unnamed source
familiar with the matter, reported that the technology glitches were caused by a spike in volume due
to an influx of year-end re-balancing orders. Morgan Stanley told this publication that the news report was untrue.
In June of last year, Greg Fleming, who runs Morgan
Stanley’s wealth and asset management business, told attendees at the
annual Reuters Global Wealth Management Summit that he intends to
splash $500 million on technology by the middle of 2014, alongside three
other business strategies which will encourage growth through spending (view