MS Morgan Stanley

By Michael Wursthorn 

Morgan Stanley's new wealth-management heads solidified their management structure by shuffling executives into new key roles since taking over from the firm's former co-president, Gregory Fleming, last month.

In a memo to Morgan Stanley's more than 15,000 brokers, wealth-management heads Shelley O'Connor and Andy Saperstein announced a series of moves within the unit's hierarchy. They said "having the right organization in place, with the right senior leaders" is critical to serve Morgan Stanley's brokerage clients, who have nearly $2 trillion in assets with the firm, according to a copy of the memo viewed by The Wall Street Journal.

Ben Huneke, head of Morgan Stanley's alternative investments group, was named head of investment solutions, making him responsible for traditional investment products and alternatives. The wealth unit's chief information officer, Chris Randazzo, was also named head of institutional wealth sales, which includes Morgan Stanley's institutional consulting arm, Graystone Consulting.

Messrs. O'Connor and Saperstein also mentioned the hiring of former Charles Schwab & Co. executive Naureen Hassan as head of digital, a newly created role. Ms. Hassan had been Schwab's executive vice president of investment services, where she helped oversee the rollout of the firm's automated investment-advice platform, Schwab Intelligent Portfolios.

Other moves include expanding Lisa Golia's role to chief administrative officer for all of wealth management; replacing Adam Kudelka, who is moving to a new role in the firm's investment solutions group; Jim McCarthy's naming as national sales manager; and Jim Tracy assuming responsibility for Morgan Stanley's consulting group.

Bill McMahon and Rick Skae will continue as divisional directors within Morgan Stanley's field leadership team. Vince Lumia will remain head of private wealth management, with the added responsibility of managing the Strategic Lead Management Group, which is responsible for encouraging referrals between the brokerage and other units of the bank.

The wealth unit's heads added that the brokerage's regional and complex structure will remain unchanged.

Messrs. O'Connor and Saperstein were promoted in January after Mr. Fleming abruptly resigned. Mr. Fleming's departure came after Morgan Stanley Chief Executive James Gorman named Colm Kelleher the firm's sole president and his successor should he leave the position unexpectedly.

Write to Michael Wursthorn at Michael.Wursthorn@wsj.com

(END) Dow Jones Newswires

February 11, 2016 14:14 ET (19:14 GMT)

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