Morgan Stanley's Jeff McMillan named firm's AI head

Morgan Stanley is doubling down on its AI ambitions as it names a key executive to a newly created role.

Jeff McMillan has assumed a new leadership role as head of firmwide artificial intelligence, according to an internal memo obtained by InvestmentNews.

In his new role, McMillan will be reporting to Morgan Stanley co-presidents Andy Saperstein and Dan Simkowitz, who was elevated to his co-presidential position in an October leadership shake-up.

Previously, McMillan was in charge of the analytics, data, and innovation unit of Morgan Stanley's wealth division. There, he played an instrumental role in building its Modern Wealth Management platform, as well as its effort to build an internal chatbot for advisors under an exclusive partnership with OpenAI.

McMillan will build on that latest feather in his professional cap in his new position, where he will be coordinating across Morgan Stanley's enterprise to ensure it's adopting the appropriate AI strategy and putting proper governance in place, according to the memo.

To help maintain Morgan Stanley's leadership in AI innovation, he'll be partnering with its various businesses and infrastructure areas to find and prioritize opportunities to leverage the blossoming technology.

He'll be working closely with Katy Huberty, head of global research, with whom he will co-chair a firmwide AI steering group that includes representatives across Morgan Stanley's business units and infrastructure groups. McMillan will also be working in close coordination with Mike Pizzi, head of US banks and technology, and Sid Visentini, head of firm strategy.