MEMO: Raj Dhanda leaving Morgan Stanley after 26 years
Raj Dhanda, a senior executive at the center of Morgan Stanley’s push to deliver more banking products to its wealth management clients, has left the firm to “pursue other opportunities,” according to an internal memo distributed internally and shared with x3mdot Wednesday.
Dhanda, who was with Morgan Stanley for 26 years, was promoted to head of investment products and services in 2015, from co-head of capital markets. A replacement was not named in the memo, which was sent from the newly appointed president of wealth management, Colm Kelleher, and the two co-heads of the unit, Shelley O’Connor and Andy Saperstein.
Saperstein was also head of investment products and services before moving to co-chief operating officer at the banking and trading unit in 2015 and then being appointed to co-head of the wealth unit last month, when the former president of Morgan Stanley wealth management, Greg Fleming, announced he was stepping down and Kelleher was taking over.
Dhanda is the second senior executive to leave the firm following Fleming’s departure. The former head of institutional wealth management, Sara Furber, departed at the end of last month.
A spokeswoman for the firm did not respond to an email seeking comment.
Dhanda started at Morgan Stanley as an analyst in the capital markets unit in 1989. Before assuming his last role, he held a number of other senior executive positions including co-head of capital markets. He was also on the firm’s management committee.
In his most recent role, Dhanda “worked to focus on client solutions and enhance connectivity across the firm,” the memo said, also noting that he played a key part in “driving our ‘One Firm’ culture.”
Net interest income in the wealth unit, which measures in part how much money the firm makes from lending, was up 25% for the fourth quarter last year to $779 million from $625 million in the year-ago quarter.