Morgan Stanley named Jed Finn as head of its wealth management business, effective Jan. 1, according to a memo seen Monday by the Financial Times, Reuters and Bloomberg.
“His appointment is a natural progression,” Andy Saperstein, the bank’s co-president, said in the memo, adding that Finn “will leverage his knowledge of the full range of our wealth management businesses.”
The move came one day ahead of Saperstein’s announcement Tuesday that he’s been diagnosed with cancer.
“I’m young and in otherwise good health,” Saperstein, 56, said in a memo Tuesday seen by Bloomberg. “That gives me great confidence as I begin the process of starting treatment so I can recover from this illness and put it all behind me.”
Saperstein, who had long led wealth management at Morgan Stanley, is set to begin overseeing investment management at the bank as part of an executive shuffle that saw Saperstein’s fellow co-president, Ted Pick, named Morgan Stanley’s next CEO.
In that vertical, too, Morgan Stanley on Monday named Jacques Chappuis and Ben Huneke as co-heads of investment management. Chappuis serves as global head of distribution and co-head of Morgan Stanley’s solutions and multi-asset group, according to the bank. Huneke leads the bank’s investment solutions group.
Chappuis, Huneke and Finn will all report to Saperstein.
“While my travel may be limited during the period of my treatment, I plan to continue working to make sure Morgan Stanley remains on our great path forward,” Saperstein said Tuesday.
Finn is a 12-year veteran of Morgan Stanley and most recently served as chief operating officer of wealth management, according to his LinkedIn profile.
Among the challenges Finn can expect, the Federal Reserve is investigating how Morgan Stanley’s wealth business, which oversees $4.8 trillion, vets potential customers who live abroad before taking them on, The Wall Street Journal reported this month.
Regulators in 2020 found that the bank’s efforts toward client due diligence and money laundering prevention were lacking for potential foreign wealth management clients, people familiar with the matter told the outlet.
A number of items the Fed asked Morgan Stanley to fix remained unfinished though 2021 and 2022. The wealth management team has another 18 months before the plan to fix the problems at hand is complete, the Journal reported.
Together, wealth management and investment management have accounted for roughly 57% of Morgan Stanley’s revenue throughout the first nine months of 2023, according to Bloomberg.
