Morgan Stanley Wealth Bosses Name Their New Team
Morgan Stanley Wealth Management filled vacancies in its rapidly changing executive ranks on Thursday, naming alternative investments head Ben Huneke as its new head of products and strategy following the unexpected departure of Raj Dhanda on Wednesday.
Wealth coheads Shelley O’Connor and Andy Saperstein, who took the reins of the world’s biggest broker last month following Greg Fleming’s surprise resignation, wrote in a memo to division employees that Huneke will assume a new role as head of Investment Solutions. Huneke had reported to Dhanda.
In his new assignment, Huneke gets considerable power over MS’s revenue generators, and reports directly to O’Connor and Saperstein. His domain includes traditional investment products, alternatives and the relationship management group, which coordinates asset management activities.
Jim McCarthy takes on a new title of national sales manager but his role overseeing business development – the group that trains advisors in branches about products, tools and investment ideas – remains unchanged, a spokesman said.
As noted last week, O’Connor and Saperstein are leaving the field structure unchanged, with Bill McMahon and Rick Skae continuing as western and eastern division heads. The branch complexes that Fleming had planned to contract also stay unchanged, according to the memo sent to the firm’s nearly 16,000 advisors.
Vince Lumia, head of the Private Wealth Management unit for very wealthy clients, will also run the Strategic Lead Management Group that Dhanda oversaw, the memo said.
Following the arrival of Naureen Hassan from Charles Schwab to head digital, wealth management’s Chief Information Officer Chris Randazzo will keep that title but also become head of Institutional Wealth Solutions. That puts him in charge of Corporate Equity Solutions, Corporate Cash, Graystone and the 401(k) businesses. Those areas had been run by Sara Furber, a former Morgan Stanley investor relations head who was unceremoniously let go after Fleming resigned.
In addition to helping set up a robo-advisor product as head of digital, Hassan will run the Client Advisory Center, a call center for clients who generally keep less than $100,000 with the firm, according to the memo.
Lisa Golia, an executive in field management, has been promoted to Chief Administrative Officer for all of wealth management. She succeeds Adam Kudelka, who will take on a new role in Investment Solutions. Barry Goldstein continues as Chief Operating Officer for the field, reporting to Jed Finn, who is COO for all of wealth management, the memo said.
Eric Heaton, another Fleming acolyte, will continue to run the Private Banking Group, reporting jointly to O’Connor/Saperstein and to MS Chief Operating Officer Jim Rosenthal.
As head of the Products and Services group that has been dismantled, Dhanda also oversaw capital markets and investment strategy. Those units will continue to be run by Liz Dennis and Mike Wilson, respectively, but they will now report to O’Connor and Saperstein, the memo said.
Jim Tracy, one of the few Smith Barney alumni still in senior management, is recycling back to oversee the Consulting Group, the profitable managed account unit that part motivated Morgan Stanley to buy Smith Barney. Late last year Tracy had been kicked upstairs and assumed a vice chairman’s title. He will report to Finn.