US-based investment bank Morgan Stanley has appointed Andy Saperstein as the sole head of its wealth management unit as part of a broader reshuffle reported by theWall Street Journal.
Saperstein previously shared the role with Shelley O’Connor, who will now lead the banking units of Morgan Stanley.
O’Connor will serve as CEO and chairman of Morgan Stanley Bank as well as Morgan Stanley Private Bank.
She joined Morgan Stanley more than 30 years ago.
The report quoted Morgan Stanley CEO James Gorman as saying: “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.”
Saperstein has been working at Morgan Stanley since 2006. Prior to that, he worked at Merrill Lynch.
According to Gorman, Saperstein’s priorities as wealth head are “digital capabilities, enhancing client and adviser experiences, finding areas of growth and partnering with institutional securities and investment management”.
In addition, Rob Rooney has been appointed as the head of technology, operations and firm resiliency.
“Aggregating these functions under a single leader will enable increased efficiency and accountability,” Gorman noted.
The firm’s head of operations Phil Davies will now be responsible for business continuity. He will report to Rooney.
