Morgan Stanley Smith Barney taps new consulting group leader

Morgan Stanley, owner of the world's largest brokerage, named James Walker to head its consulting- services group, which provides clients with investment advice and managed accounts. Walker, 47, will report to Paul Hatch, head of Morgan Stanley Smith Barney's investment strategy and solutions group, the New York-based bank said today in a statement. Walker was previously chief operating officer of Hatch's group. Morgan Stanley Smith Barney's consulting-services group, which has $385 billion in client assets, is the top-ranked provider of managed accounts, according to the statement. Morgan Stanley, the sixth-largest U.S. bank by assets, last year bought a controlling stake in the joint venture with Citigroup Inc.'s Smith Barney brokerage, giving it more than 18,000 financial advisers. Walker joined Citigroup in 2006 after 20 years at Merrill Lynch & Co. He replaces James Tracy, who was named COO in July of distribution and development for the U.S. wealth-management group.