- Dhanda moved into wealth management executive role in 2015
- He had previously run firm's stock and bond underwriting unit
Morgan Stanley said Raj Dhanda, who was named to a wealth-management role last year after leading the underwriting unit, is leaving after 26 years at the bank.
Dhanda, 47, who became head of investment products and services for wealth management in 2015, plans to pursue other opportunities, according to a memo Wednesday to employees of the New York-based bank. He joined the capital markets unit in 1989 and rose through that business to become its co-head in 2008.
Dhanda’s job change last year was part of Chief Executive Officer James Gorman’s effort to give executives experience in multiple areas of the firm. Dhanda took on the role of Andy Saperstein, 49, who became co-chief operating officer of the investment-banking and trading unit. Saperstein last month was named co-head of the wealth-management division above Dhanda when Greg Fleming, 52, announced his departure.
Gorman has sought to increase cooperation between the firm’s investment bank and brokerage as he relies more on the wealth-management unit and its $2 trillion of client assets to drive profitability. The brokerage division boosted its pretax margin to 22 percent in 2015, and Gorman has said that could increase to a range of 23 percent to 25 percent by 2017.