Morgan Stanley Smith Barney aims at rapid growth

Morgan Stanley Smith Barney aims to double its adviser numbers and client numbers over the next two years, Steve Harker, CEO of Morgan Stanley Australia said yesterday.

MSSB has recruited Matt Comyn to head its wealth management business. Comyn was running Commonwealth Securities for CBA.

Commonwealth Bank said Stephen Karpin, who was managing the bank's credit card business, will take over as head of ComSec.

Morgan Stanley Smith Barney is the joint venture between Morgan Stanley and Citi, with the latter effectively running the operation.

Harker said yesterday that staff numbers in the joint venture would reach around 1000 in two years time, up from around 800 now and 300 two years ago.

He said client numbers would increase in line with recruitment of new advisers, hired from other firms, and who could be expected to bring their clients with them.

At the other end of the "wealth" market, Westpac said it aims to grow its customer base in online stock broking by eight per cent this year.

The bank was publicising a revamp of its trading platform which ranks third in the online broking market with a market share of 10 per cent, and well behind Commonwealth Securities and ANZ's E*Trade.