Charles Schwab lost a key executive who oversaw the launch of the firm's robo advisor to Morgan Stanley, company spokesmen confirmed.

Naureen Hassan, an executive vice president and leader of the Schwab's Intelligent Portfolios service, joined Morgan Stanley as chief digital officer for wealth management, a newly created position, a spokesman said. Hassan will oversee strategy and marketing of digital tools and platforms for the firm's roughly 16,000 financial advisors.

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