Morgan Stanley Taps Jed Finn as Head of Wealth Management Division

Morgan Stanley named Jed Finn head of the bank’s wealth management division, giving him oversight of the biggest revenue generator at the firm.

Finn joined Morgan Stanley in 2011 and will take over on January 1, according to an internal memo from co-president Andy Saperstein. Finn, who is currently COO as well as head of corporate and institutional solutions at Morgan Stanley Wealth Management, will report to Saperstein, who has been leading the division.

“His appointment is a natural progression in what has been an outstanding career and will leverage his knowledge of the full range of our wealth management businesses,” Saperstein wrote in the memo.

Finn will start the same day as Ted Pick, who was appointed CEO in October as part of a restructured senior leadership team. Pick, who is now co-president, will take over for outgoing James Gorman, while Saperstein and co-president Dan Simkowitz will take on additional responsibilities.

Finn was a partner at McKinsey & Co. before joining Morgan Stanley, where he oversaw the expansion of the wealth unit’s workplace and corporate stock plan business.

Saperstein’s responsibilities were broadened in conjunction with Pick’s appointment to cover both wealth and investment management. The two divisions handle a total of $6.2 trillion in assets, accounting for more than half of the company’s revenue year to date.

Meanwhile, Ben Huneke, an investment product executive, was promoted to co-head of investment management alongside Jacques Chappuis. Both will report directly to Saperstein.