Morgan Stanley says the head of technology for its wealth management unit, Chris Randazzo, has left the firm and been replaced by Sal Cucchiara.
“Sal is ideally suited to this role having a long history of leading large and complex technology organizations,” said wealth management co-heads Shelley O’Connor and Andy Saperstein, as well as technology head Robert Rooney, in a memo to advisors on Friday.
Cucciara moved to Morgan Stanley in late 2016. He was with Merrill Lynch from 1996 to 2007 and from 2009 to 2016; he spent the 2007-2009 period with Dun & Bradstreet, according to his LinkedIn profile.
“As head of wealth management technology, he will continue to oversee these initiatives, while also focusing on ensuring platform stability, speed, and cybersecurity,” the firm’s executives explained.
Randazzo, who was in the post of chief information officer since May 2013, is now with Rockefeller Capital Management, according to a press release by that firm. Rockefeller has about $18 billion in client assets and is led by former Morgan Stanley executive Gregory Fleming.
As of Dec. 30, Morgan Stanley had 15,712 advisors, down 51 from the prior year and 47 from the earlier quarter. These advisors had 12-month trailing production of $1.12 million as of Dec. 31, 2017.
Morgan Stanley advisors have about $2.37 trillion in client assets — up 13% in Q4’17 from a year ago. Its fee-based asset flows were $20.9 billion in Q4’17. For the full year 2017, the wealth unit had $16.8 billion of revenue.
— Check out Morgan Stanley Says Stock Slide Was Appetizer for Real Deal on ThinkAdvisor.