Reuters reports that Morgan Stanley is creating a new private wealth management flagship office at its Times Square headquarters in New York.  To do so the firm is moving 90 of its financial advisers from its 522 Fifth Avenue location to Times Square. Some top wealth executives, including Vince Lumia, will also make the move to Times Square. Until now, Morgan Stanley's Times Square location has housed its institutional business which includes banking, trading and research.

Morgan hopes to generate more business between its investment bank and wealth management units by encouraging more interaction.

• e.g., an investment banker might introduce an executive whose company is about to go public to an adviser to manage his wealth;
• e.g., an adviser might introduce a corporate client to an M&A banker to get advice on a transaction.

The plan is the brainchild of Morgan Stanley's "strategic client management" unit, which is now run by Mr. Lumia, who also heads up the private wealth management group.