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Morgan Stanley Shifts E-Trade Execs to Key Wealth Management Roles

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What You Need to Know

  • The latest Morgan Stanley management changes are part of the firm's integration of E-Trade into its operations.
  • The news follows a major Morgan Stanley leadership shakeup announced in May and the closing of its E-Trade acquisition in October.
  • More information on the firm's overall strategy will be provided next week.

Morgan Stanley has shifted several E-Trade senior executives to its wealth management leadership team, according to an internal company memo shared with ThinkAdvisor on Wednesday.

The news follows CEO James Gorman’s recent unveiling of his biggest leadership shakeup in more than a decade, positioning a small group of lieutenants — two in particular — as his most likely successors: Ted Pick, architect of Morgan Stanley’s trading revival, and Andy Saperstein, who built the company into a wealth management powerhouse, were tapped as co-presidents.

Morgan Stanley’s $13 billion acquisition of E-Trade was finalized in October.

“This is a really exciting time for our business as we enter the next phase of our growth,” Saperstein said in the memo on Wednesday. “By joining forces with” E-Trade, Morgan Stanley has “established a dominant position” in the advisor, workplace and direct channels and “we’re poised to continue leading and reshaping our industry,” he said.

Noting that he has gotten to know his new colleagues from E-Trade over the last year, he said: “It’s clear that our values are aligned as we’ve worked closely together to make the combination successful. As we move forward as one unified team, it’s critical that we continue to learn from each other and leverage the full set of skills and experiences across the organization.”

To that end, the company decided to add several senior executives from E-Trade “onto the broader Wealth Management leadership team” at Morgan Stanley, Saperstein explained, adding: “Together, we will work to ensure the ongoing success of our organization.”

Chad Turner is shifting from his role as E-Trade CFO to lead the Digital Direct business and will report to Saperstein, according to the memo.

Andrea Zaretsky has been named chief marketing officer for wealth management, the same role she had at E-Trade. She will report to Saperstein also and “have a dotted line” to Alice Milligan, who was chief customer officer at E-Trade and was recently named Morgan Stanley’s chief marketing officer.

Mike Curcio is shifting from head of E-Trade Self-Directed Brokerage to head of strategic transformation at Morgan Stanley’s wealth management business, reporting to Saperstein. “In this newly created role, Mike will drive the long term strategic development of the integrated businesses to help realize the potential of the broader Morgan Stanley organization,” according to the memo.

Brett Goodman, who was head of strategy, communications and investor relations at E-Trade, will report to Curcio as “we develop the Strategic Transformation function,” Saperstein said.

Meanwhile, Mike Murphy is shifting from head of E-Trade Brokerage Service to head of Digital Direct Client Service; Chris Larkin has been named head of trading, the same role he had at E-Trade; and Shane Mulron is transitioning from head of institutional product and risk management at E-Trade to head of Business Control and Support, reporting to Turner. Erik Jepson remains head of Digital Client Experience and Platforms at Morgan Stanley.

“We are positioned incredibly well and have the talent and resources to execute,” according to Saperstein, who added he will provide “more color on our overall strategy in a Town Hall next week,” details of which “will be provided shortly.”

Pictured: Sign on Morgan Stanley headquarters in New York. (Photo: Bloomberg)