Morgan Stanley has appointed Jed Finn to lead its $4.8 trillion wealth management business, giving him oversight of the biggest revenue generator at the firm. This move is part of co-president Andy Saperstein’s recent revamp of his leadership team for the investment bank’s money management divisions.
In addition to Finn’s appointment, Jacques Chappuis and Ben Huneke will become co-heads of investment management. Both Chappuis and Huneke will report to Saperstein, according to an internal memo seen by Bloomberg News.
Finn has held several leadership roles in past 12 years. A dual citizen of Canada and the U.S., he majored in economics and computer science at McGill University in Montreal. He was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc., as well as a recent acquisition of Solium Capital, a software venture that manages employee stock options which is now seen as a success inside the bank.
Saperstein was given oversight of both wealth and investment management as part of an executive shuffle that saw Ted Pick appointed as Morgan Stanley’s next chief executive. Those two divisions have grown significantly over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year. They manage a total of $6.2 trillion in client assets.