Morgan Stanley (MS) said Monday that it hired CNBC co-anchor Gary Kaminsky (left) as vice chairman of its wealth-management unit. In this new role, Kaminsky will work with financial advisors on client relations and business development.
Before taking on the job as CNBC’s capital markets editor in 2010, Kaminsky was a money manager at Cowen & Co. from 1992 to 1999. After this, he then joined Neuberger Berman, where he was part of a team that managed a $12 billion portfolio until 2008.
“As an author and commentator, Gary speaks frequently on investor trends and asset management strategies, and he will continue to be a contributor to CNBC,” said Morgan Stanley President Greg Fleming in a memo shared with AdvisorOne on Tuesday. “Gary will be a valuable resource to FAs as they seek to grow, develop and manage their practices.”
Kaminsky has appeared regularly on “Squawk Box” and “Squawk on the Street.”
Last week, Morgan Stanley hired ex-Merrill Lynch technology leader Chris Randazzo to lead the technology focus for its wealth unit. Randazzo has close to 20 years of technology experience, most recently with Bank of America-Merrill (BAC).
Also on Tuesday, Merrill confirmed that Raphael Zagury, a managing director who led a group that packages derivatives products for high-net-worth clients, resigned. He had previously part of the structured solutions group at Goldman Sachs (GS).
As of Dec. 31, the number of financial advisors with Morgan Stanley was 16,780. Average annualized revenue per global representative was $824,000 as of Dec. 31.
Rival Merrill Lynch said it had 16,413 traditional advisors as of late 2012, with average annualized revenue of $935,000.