Morgan Stanley Smith Barney has revamped the leadership structure for its wealth management business, according to an internal memo sent by the firm's Global Wealth Management President Greg Fleming.

The moves come as MSSB approaches its two-year anniversary of the inception of its business after Smith Barney was purchased from Citigroup, Fleming notes in his letter. It also comes after Fleming was named to his role in January, replacing Charlie Johnston.

MSSB has disclosed plans to streamline its ranks in other ways. News emerged in March that MSSB planned to lay off 200 to 300 low producers and trainees from its wealth management ranks. Those cuts could bring the firm's financial adviser head count to an estimated 17,800.

According to Fleming's announcement, Jeff Hack joins MSSB as chief operating officer, a role which will also include leading the firm's technology and operations integration and global risk management. Hack was previously a chief operating officer of the worldwide securities services business at J.P. Morgan Chase. Hack has also served for 10 years at Smith Barney in positions including chief financial officer and chief operating officer.

Craig Pfeiffer has been appointed vice chairman at MSSB after serving as head of marketing and the client experience. In his new role, Pfeiffer together with Vice Chairman Ray Harris, will act as senior management to branch financial advisers and managers and also lead other initiatives.

Ben Huneke has been named head of MSSB strategy and business management and will also serve as a senior liaison to the MSSB's international business, Morgan Stanley's institutional business and MSSB and corporate functions for MSSB. He previously served as head of office of business management for the U.S. wealth management business.

Michael Armstrong will now focus solely on his role as head of capital markets.

Paul Hatch, who serves as head of investment strategy and solutions, will now head a combined organization called Investment Strategy and Client Solutions. Hatch now has responsibility for corporate equity solutions, retirement services and wealth advisory resources.

Michelle Oroschakoff now takes on the role of chief global risk officer after previously serving as chief administrative officer.


Feuerman to Become SVP With AllianceBernstein

Kurt Feuerman will be joining AllianceBernstein on May 31 as senior vice president and portfolio manager of U.S. equities.

He comes from Caxton Associates, where he is currently a senior managing director and U.S. portfolio manager. Prior to joining Caxton in 1998, Feuerman was a managing director with Morgan Stanley, where he managed the firm's U.S. equity business. Before that, he was a managing director with Drexel Burnham Lambert, and he began his career at The Bank of New York.

With the arrival of Feuerman, AllianceBernstein will assume the role of investment manager and trading adviso=er for several investment vehicles managed by Feuerman: Equity Growth, a long/short strategy, and Alpha Equity, a long-only strategy.

"Kurt is an accomplished investor who strengthens our equity team and rings valuable expertise in long/short portfolio management," said Sharon Fay, head of equities at AllianceBernstein. "Our firm is committed to recruiting top investment talent when the opportunity arises. Kurt has compiled an impressive, consistent track record and adds another experienced perspective to our equity team."


Keller Joins MassMutual's Retirement Sales Team

Jeffrey Keller has joined MassMutual's retirement sales division as a managing director in the southeast region, covering Georgia, Florida, Alabama and Puerto Rico. Keller was previously with New York Life, where he spent 13 years in a variety of key sales and marketing leadership roles, most recently as managing director and head of the defined contribution investment-only business.

Hugh O'Toole, senior vice president and head of sales and client management for the retirement sales division, said 2010 was a record sales year and that the division is seeing robust growth across all markets and plan sizes.

"MassMutual's willingness to listen and respond with the right solutions is a hallmark of our service model," O'Toole said. "Regardless of whether the need is for a group annuity, registered product or collective investment trust, MassMutual is well positioned to offer the right retirement plan solution, and we will continue to develop our sales force to ensure delivery of world-class service. Jeff Keller is a great example of the level of talent and expertise for which MassMutual is recognized."

In addition, MassMutual announced that National Sales Manager Stan Label has just retired after 11 years with the firm and 40 years in the retirement plan business.

Label's sales team now report to the regional managers in their respective territories.


Raymond James Hires Two From Morgan Stanley

Raymond James has hired the father-daughter team of Martin Gelb and Sonya Gelb Choeff for its new Miami Beach branch. Most recently, both Gelb and Choeff worked for Morgan Stanley Smith Barney as financial advisers. Gelb began his career in New York in 1959, and his daughter joined him in 1987.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.