Morgan Stanley taps new international wealth management boss

Morgan Stanley taps new international wealth management boss
Morgan Stanley (MS), owner of the world's largest retail brokerage, named Charlie Mak president of the firm's international wealth-management unit.
AUG 02, 2011
Morgan Stanley (MS), owner of the world’s largest retail brokerage, named Charlie Mak president of the firm’s international wealth-management unit. Mak, previously head of the Morgan Stanley Smith Barney unit in Asia, will report to Greg Fleming, president of global wealth management, according to an internal memo today from Fleming. Jim Wiggins, a spokesman for New York-based Morgan Stanley, confirmed the memo’s contents. Fleming, 48, said in April that he asked Michael Armstrong, who headed international wealth management, to focus on his role as head of capital markets for the brokerage. The wealth- management group had $10 billion in international client inflows in 2010, compared with $12.9 billion from domestic customers. James Jesse, chief operating officer of the capital markets unit, will become COO of Morgan Stanley International Wealth Management, according to the memo. Jesse will relocate from New York to Hong Kong, Fleming said in the memo. Chris Van Aeken will lead the brokerage’s international- banking and lending efforts, in addition to his role as chairman of the firm’s Swiss private bank, according to the memo. --Bloomberg

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management