Morgan Stanley named Vince Lumia head of the firm’s private wealth-management business, replacing Eric Benedict, who is leaving after 19 years.
Elizabeth Dennis will succeed Lumia as head of capital markets for the brokerage division, according to a memo sent by Greg Fleming, president of wealth management for the New York-based bank. Lumia had replaced Benedict in the capital-markets role last May, when Benedict took the private-wealth job.
Morgan Stanley’s brokerage is one of the world’s largest, with about 4 million clients that had $2.05 trillion with the firm as of March 31. Private-wealth management typically deals with customers who have a net worth of at least $20 million.
Lumia joined the bank in 1999 as a financial adviser, while Dennis came in 2001 and previously worked in the debt-underwriting unit of the firm’s investment bank.
In a separate memo, Morgan Stanley said Jim Tracy, head of the consulting group, will become a vice chairman. His unit will be folded into a group called advisory platforms and solutions, which will be run by Jed Finn and Jason Moore.
The Wall Street Journal reported the changes earlier Monday. Jim Wiggins, a Morgan Stanley spokesman, confirmed the contents of the memos.