Morgan Stanley Smith Barney, the world’s largest brokerage, appointed Andy Saperstein to oversee a reorganized investment products and services division.
Saperstein, who has run the brokerage’s U.S. operations, will continue to report to Gregory Fleming, president of the division, according to an employee memo obtained by Bloomberg News. Saperstein’s group will include the investment strategy and client solutions unit, the memo shows.
Paul Hatch, who led that business, plans to retire at the end of this year and will serve as a vice chairman in the interim, according to the memo. Doug Ketterer will lead U.S. field management, it said.