Ellyn A. McColgan has landed a job with Morgan Stanley as head of the company’s global wealth management group, with the title of president and chief operating officer. McColgan, 53, comes to Morgan Stanley after a 17-year career at Fidelity Investments, where she recently served at president of distribution and operations. She was widely predicted to succeed Fidelity Chairman Edward C. “Ned” Johnson, but she resigned in August after Johnson recruited Rodger Lawson from Prudential Financial Inc. to take over as president of FMR, Fidelity’s holding company. “Ellyn McColgan is the ideal executive to carry forward the tremendous progress that James Gorman and his team have made in transforming our global wealth management business into an industry leader,” said Morgan Stanley Chairman and CEO John J. Mack. “She will bring to our management committee a breadth and depth of experience that is unmatched in our industry. As the leader over a number of years of one of the largest wealth management businesses in the U.S. , Ellyn has a proven ability to grow revenues and profits, deliver a superior operating platform to financial advisors and create a client experience that is second-to-none.” Mack has been reshuffling executives since Morgan Stanley’s announcement of a $3.7 billion write-down of subprime mortgage assets last month. McColgan will report to Morgan Co-President Gorman beginning in April, and will lead a team of more than 8,300 brokers.
Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.
Insight and analysis into the management, marketing, operations and technology of the asset management industry.
Have an account? Sign In