Morgan Stanley's Private Wealth Management group appointed Jon Mallon as Regional Sales Manager for Latin America and hired a team of five investment professionals from Lehman Brothers to serve high-net-worth Brazilian clients and institutions in Latin America.

Mallon will report to Ernesto A. de la Fe, managing director and head of Latin America. He will be responsible for newly opened Private Wealth office in Miami and for activities throughout the Latin American region. He began his career with Morgan Stanley in 1992 as part of the structured products team serving the Private Wealth Management Division. He later worked on expanding the firm's private wealth business in Europe before moving to Lehman Brothers. He returned to Morgan Stanley in January.

The newly hired team joins with combined assets of $600 million. It includes Executive Director Bruno Gorgatti, Executive Director Walter Alves, Vice President Carlos Chamon, Vice President Alexandre Filizola and Sales Assistant Aderson de Almeida. The team reports to Mallon and de la Fe, and will also be based in Miami.

Financial News points out this is the second round of poaching from Lehman since de la Fe was hired - also from Lehman - to head the Latin American wealth management business in August. De la Fe recently hired 10 sales specialists from Goldman Sachs, the newspaper said.