The hunt is on.

Morgan Stanley Smith Barney has announced plans to hire more advisors who focus on ultra-high-net-worth clients, which it defines as those with at least $20 million in net worth.  

The joint venture plans to combine Morgan Stanley’s existing private wealth management unit with the Citi Family Office. However, the Smith Barney name won’t be represented in the combined unit. It will be branded as Morgan Stanley Private Wealth Management.

Alois Pirker, research director at Boston-based Aite Group, says MSSB is following a familiar path. “I think they’re trying to become what Merrill Lynch was before the takeover. In terms of the number of advisors, they’re there but in terms of client assets they’re still below Merrill,” he says.

The private wealth unit currently has around 500 advisors in 25 offices globally. According to a spokesperson, the firm is looking to double the number of ultra-high-net-worth advisors in the U.S. from 150 to 300 advisors over the next three to five years.

The firm didn’t reveal the number of advisors they are looking to hire, but Pirker says it’s likely they’ll target experienced Merrill Lynch advisors, as well as specialists from private banks and family offices.

“The combination of Morgan Stanley’s well established Private Wealth Management division and Smith Barney’s leading Citi Family Office capabilities creates a strong platform for individuals and families of significant means. These clients have highly specialized wealth management and private banking requirements which we are uniquely positioned to fulfill,” said James Gorman, chairman of MSSB, in a statement.