MSSB shifts Furber to internal referrals group

Morgan Stanley, owner of the world's largest brokerage, moved Sara Furber to lead a group that refers clients to its investment banking, retail brokerage and asset management divisions. Furber, who was chief operating officer of the asset management unit's long-only funds business, will head the strategic lead management team in Morgan Stanley Smith Barney, according to an internal memo. Jim Wiggins, a spokesman for New York-based Morgan Stanley, confirmed the contents of the memo. Banks are trying to squeeze more sales from customers as analysts predict that revenue at the six largest U.S. lenders will fall in the current quarter, the fourth year-over-year decline in five quarters. Greg Fleming, who runs the asset management business, also took over as head of Morgan Stanley Smith Barney this year. “Senior management recognizes that the best source of new business often is existing clients,” Ben Huneke, MSSB's head of business management, and Edmond Moriarty, COO of Morgan Stanley Investment Management, said in the memo. Fleming last year hired Furber, his former Merrill Lynch & Co. colleague, as he revamped the asset management unit's leadership. Furber was COO for corporate and investment banking at Bank of America Corp.'s Merrill Lynch unit and previously was Merrill's head of investor relations, according to the memo. --Bloomberg News--