Morgan Stanley has appointed Jed Finn to lead its $4.8 trillion wealth management business, which is the biggest revenue generator at the firm. Finn, who is 45 years old, 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.
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.
Saperstein was given oversight of both wealth and investment management as part of the executive shuffle that saw Ted Pick appointed as Morgan Stanley’s next chief executive. Those two divisions have grown significantly over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year. They manage a total of $6.2 trillion in client assets.
Finn has held several leadership roles in past 12 years and previously worked at McKinsey & Co., where he was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc. In recent years, he sealed a deal with Saperstein to buy Solium Capital, a software venture that manages employee stock options, which is now seen inside the bank as a success, helping keep entrepreneurs within its wealth management ecosystem