The review began in controversial circumstances in August when Morgan Stanley called the pitch and invited the seven-year incumbent, Leo Burnett, to repitch. However, the agency declined, saying it had already decided to resign the account before the review was called.
Don Callahan, the global marketing director for Morgan Stanley, said: "We look forward to the renewed energy, diverse capabilities and fresh creative insights that Ogilvy will bring to Morgan Stanley."
The business will be run from the agency's New York office. Media duties will remain at Starcom USA.