Morgan Stanley today announced that it plans to combine its two principal businesses serving high net worth individuals around the world.

Effective January 31, 2002, the firm’s International Private Client Group and its Private Wealth Management business will be consolidated into a single business unit within the firm’s Individual Investor Group. The combined businesses, to be called Morgan Stanley Private Wealth Management, will operate from 73 offices around the world and will employ approximately 2,000 people.

Mayree Clark, a managing director and currently the firm’s global director of research, will head the combined businesses. Clark, a 20-year Morgan Stanley veteran, previously held senior positions in the firm’s investment banking division and in firm management. In her new position, Clark will also become a member of the individual investor group operating committee. She will report to John Schaefer, president of Morgan Stanley’s Individual Investor Group

“A single-platform approach ensures that the client segment which is most important to the success of our global growth strategy enjoys the full benefit of all of the resources a firm like ours can provide,” said Schaefer.

“Mayree Clark is a proven business builder who will leverage all of the firm’s assets for the benefit of our Private Wealth Management clients. She has led a world class team of research analysts, strategists, economists and managers who year after year clients rank among the best in the business. That kind of focus will be an enormous asset to us as we continue to make our Private Wealth Management services first choice for clients around the world.”