Morgan Stanley Promotes O’Connor to Lead Firm’s BrokersMichael J. Moore
Morgan Stanley named Shelley O’Connor to lead its brokerage workforce, the world’s largest, replacing Doug Ketterer, who was appointed head of strategy and client management.
Eric Heaton was named to succeed O’Connor as head of the private banking group, Greg Fleming, president of wealth management for Morgan Stanley, said today in a memo to employees. Jim Wiggins, a spokesman for the New York-based firm, confirmed the contents of the memo.
Fleming is shuffling wealth management leaders after boosting the unit’s targets for margins following its most profitable year. Morgan Stanley doubled the size of its brokerage through a joint venture with Citigroup Inc. in 2009, buying that bank’s remaining stake in the business last year.
O’Connor, 53, who was added to the bank’s operating committee this month, will oversee 16,456 advisers and 649 branches as head of field management. She will manage the unit’s three geographic regions and private-wealth business.
“Given the breadth of her experience and proven ability to execute strategies focused on clients and advisers, she is ideally suited to lead the field,” Fleming wrote in the memo.
Ketterer, who ran private-wealth management before taking over field management in 2012, will take a new role developing strategies for gaining customers among wealthy individuals, foreign citizens and corporations, according to the memo.
“Doug will focus on our overall client strategy, acquisition and retention initiatives, how we engage with clients, and our client-facing platforms,” Fleming wrote. “Doug’s experience in each of our wealth-management, investment-management and institutional businesses will serve us well in this new function.”
Heaton, who worked with Fleming at Merrill Lynch & Co. and was recruited to Morgan Stanley in 2012, takes over O’Connor’s role of helping the company boost lending to 4 million brokerage clients. Morgan Stanley has said it wants 10 percent of its customers to have loans with the firm, up from the current 5 percent.