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. The move is part of a recent revamp of co-president Andy Saperstein’s 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.
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.
Finn has held several leadership roles in past 12 years and is a dual citizen of Canada and the U.S., with a degree in economics and computer science from McGill University in Montreal. He previously worked at McKinsey & Co., helping integrate Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc., and was closely involved in sealing a deal to buy Solium Capital, a software venture that manages employee stock options, which is now seen inside the bank as a success, helping keep entrepreneurs in private companies and executives in public companies within Morgan Stanley’s wealth management ecosystem.