Exclusive: Morgan Stanley private wealth executive departs

A veteran Morgan Stanley broker and former Los Angeles-based executive director of private wealth management has left the firm to join an independent advisory firm in Beverly Hills.

Palmer Murray left Morgan Stanley to join Beverly Hills-based Lourd Capital Management. Murray was a top-ranked adviser at Morgan Stanley and managed $4 billion in client assets in 2011, according to a Barron's ranking of top financial advisers from that year. Lourd Capital confirmed the hire on Monday.

(Reporting by Ashley Lau in New York; Editing by Gary Hill)