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. This move is part of a recent revamp of the leadership team for the investment bank’s money management divisions, which have grown significantly over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year.
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.
Finn, like Saperstein and CEO James Gorman, previously worked at McKinsey & Co. and was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc. More recently, Finn and Saperstein sealed a deal to buy Solium Capital, a software venture that manages employee stock options. The acquisition 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.
At 45 years old, Finn has been a close associate of co-president Andy Saperstein since joining the company in 2011. This move is part of Saperstein’s recent revamp of his leadership team for the investment bank’s money management divisions.