Morgan Stanley shuffles top leadership with addition of new role

Morgan Stanley is shifting its top brass, creating a role focused on client strategy and development. “As we address the next wave of growth and development in wealth management, we are focused on three essential dimensions of our business: clients, advisers and products,” Gregory Fleming, the president of Morgan Stanley's wealth and investment management divisions, wrote in an internal memorandum that was released to the press Wednesday. “As a result, we will be creating a new role focusing on strategy and client management.” The firm has appointed Doug Ketterer to the new role of head of strategy and client management. He will help build, retain and develop the firm's various client segments, from ultrahigh-net-worth to institutional, corporate, non-U.S. residents and the mass affluent, Mr. Fleming said. Mr. Ketterer previously was head of field management. Morgan Stanley has also tapped Shelley O'Connor, who was previously head of Morgan Stanley's private banking group, to fill Mr. Ketterer's previous position heading up the field management organization, which oversees the wealth management branch office network and the firm's approximately 16,000 advisers. “During her tenure running PBG, the business has made great strides, producing a substantial increase in our bank lending businesses and building out our banking services capabilities,” according to the memo. “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.” Eric Heaton will succeed Ms. O'Connor as head of the private banking group, the firm said. Previously, he was president of Morgan Stanley Banks and has been at the firm since 2012, according to the memo. Mr. Heaton previously worked at Deutsche Bank and Bank of America Merrill Lynch.