Morgan Stanley is increasing its account minimum requirements for international clients and is set to close or suspend thousands of domestic and offshore wealth management accounts as part of a due diligence review, according to Citywire.
The firm informed staff on Tuesday morning that accounts with less than $5m currently awaiting review by its due diligence team will be closed while accounts above this threshold would be subject to a slew of trading restrictions, according to a number of sources familiar with the changes.
