(Bloomberg) -- Morgan Stanley is shifting top executives at the wealth management and capital markets units to give the firm's leadership broader experience with its main businesses.
Raj Dhanda, who was co-head of global capital markets, will lead investment products and services in wealth management, the New York-based company said Thursday in a memo to employees obtained by Bloomberg. Mo Assomull, who was co-chief operating officer of the institutional securities group, will take Dhandas old job, according to the memo, which was confirmed by a spokesman for the bank.
Andy Saperstein, who was head of investment products and services, will become co-chief operating officer of the institutional securities group. The bank also said that Clare Woodman, also co-chief operating officer of ISG, will join the operating committee.
Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture and enhances our ability to deliver the entire firm for the benefit of our clients, Chief Executive Officer James Gorman said in the memo. It is critical that we continue to build our senior leadership team.
SHIFTING ROLES
Earlier this month, the firm reassigned responsibilities among some of its wealth management executives following the departure of Doug Ketterer, head of strategy and client management, who had been with the firm for 25 years.
In an internal memo, Morgan said that Sara Furber, previously COO for the wealth management division, would serve as head of Corporate & Institutional Wealth Management and Wealth Management Strategy. She now oversees the firm's elite Graystone Consulting unit in conjunction with Jim Tracy.
Adam Kudelka, previously head of human resources for the division, replaced Fuber as COO, and now oversees coordination across the division's units. His role was filled by Larry Frers, who performed a similar function for field management.
Head of Field Management Shelley O'Connor assumed oversight for international wealth and now has private wealth management reporting directly to her.
"These organizational changes will enhance our growth strategy, further align our businesses, and promote the development of a specialized value proposition for each of our clients," Greg Fleming, president of Morgan Stanley Wealth Management, said in the earlier memo.
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