Morgan Stanley has reshuffled the leadership of its wealth management business, according to an internal memo seen by Citywire.
Since 2016 Andy Saperstein and Shelley O’Connor have been co-heads of Morgan Stanley Wealth Management, but now Saperstein will take sole charge of the unit, with O’Connor moving to lead two bank businesses.
The changes were outlined in memo from Morgan Stanley chief executive James Gorman.
O’Connor has been appointed as chief executive of both Morgan Stanley Private Bank and Morgan Stanley Bank, the firm's institutional banking unit.
As CEO of the private bank she replaces Eric Heaton, who will remain with the firm as president of both the private and institutional banks.
At the institutional bank, O’Connor takes on the responsibilities of Colm Kelleher who is retiring at the end of June.
O’Connor was previously chief executive of Morgan Stanley Private Bank from 2010 to 2014, prior to becoming head of wealth management field for two years, before then being made co-head of wealth management alongside Saperstein.
‘Given the criticality of the banks to the future growth of our business, I have asked Shelley to dedicate her full-time efforts to leading them,’ Gorman said in the memo.
‘Andy will focus specifically on digital capabilities, enhancing client and advisor experiences, finding areas of growth, and partnering with [Morgan Stanley] institutional securities and [Morgan Stanley] investment management.’
Gorman's memo also said that Rob Rooney, who was most recently head of Morgan Stanley’s technology and international business units, has taken up the newly created position of head of technology, operations and firm resiliency.
In this role he will be responsible for cyber security, data management and vendor management, according to the memo.
As a result, Phil Davies who heads global operations now reports to Rooney.
A Morgan Stanley spokeswoman confirmed the contents of the memo.
