Morgan Stanley taps new head for private wealth unit

Morgan Stanley Wealth Management, the largest of the four wirehouses by financial adviser head count, has filled a key position left open following a reshuffling of management in late February, according to an internal memo sent to the firm's roughly 16,400 advisers Wednesday. The firm has tapped Eric Benedict, former head of the wealth management capital markets group, to lead its private wealth management business of around 350 advisers focused on ultrahigh-net-worth clients, according to the memo sent by Greg Fleming, head of Morgan Stanley Wealth Management. Mr. Benedict takes over from Doug Ketterer, who formerly held dual roles as head of field management and head of the private wealth segment. Mr. Ketterer was moved into a new role as head of strategy and client management in February, when Shelley O'Connor took over as head of field management. An 18-year veteran of the firm, Mr. Benedict has played a key role as the firm has sought to more closely connect its capital markets and wealth management teams. As part of that initiative, he oversaw the combination of the municipal bond trading desks of its institutional business and wealth management unit in March. Mr. Fleming said he expects Mr. Benedict will be able to parlay that experience into providing more products and services for ultrawealthy clients. “Eric's commitment to delivering a broad and deep set of products and capabilities to our financial advisers and clients has significantly advanced our effort,” Mr. Fleming said in the memo. “His passion and focus now will meaningfully benefit those advisers who work frequently with ultrahigh-net-worth clients.” The firm has promoted Vince Lumia, currently the head of capital markets sales and product management, to take Mr. Benedict's place, according to a separate memo from Andy Saperstein, head of investment products and services. Mr. Lumia has been with the firm since 1999 and has held various roles in the capital markets unit.