Morgan Stanley co-president Andy Saperstein diagnosed with cancer

Morgan Stanley co-president Andy Saperstein diagnosed with cancer
The executive plans to continue working as he begins to receive treatment.
NOV 21, 2023

Morgan Stanley co-president Andy Saperstein has been diagnosed with cancer and plans to keep working as he begins to receive treatment.

“I’m young and in otherwise good health,” Saperstein, 56, said in a memo to employees Tuesday. “That gives me great confidence as I begin the process of starting treatment so I can recover from this illness and put it all behind me. While my travel may be limited during the period of my treatment, I plan to continue working to make sure Morgan Stanley remains on our great path forward.”

Saperstein was one of three candidates to take over for outgoing Chief Executive James Gorman, a job that ultimately went to Ted Pick last month. In a rare move for Wall Street, the two men who missed out on the top job agreed to stay on, with Dan Simkowitz replacing Pick as co-president leading the investment-banking and trading division and Saperstein gaining oversight of the firm’s asset management business in addition to his role leading wealth management.

Those two divisions have grown significantly over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year. They manage a total of $6.2 trillion in client assets. On Monday, New York-based Morgan Stanley named Jed Finn head of the company’s $4.8 trillion wealth management business, giving him oversight of the biggest revenue generator at the firm.

Saperstein, who was charged with expanding the firm’s wealth management juggernaut, has worked under Gorman at three firms across three decades, starting at consulting giant McKinsey & Co. before joining him at Merrill Lynch and then Morgan Stanley, where they overhauled the white-shoe investment bank.

RIA industry continues to grow and evolve, says Schwab's head of advisor services

Latest News

GPB, the priest and a get out of jail card
GPB, the priest and a get out of jail card

Just how much does it cost for a financial advice exec to stay out of prison?

St. Louis pension fund sues FS/KKR advisor over alleged excessive fees
St. Louis pension fund sues FS/KKR advisor over alleged excessive fees

The advisor both prices FSK's private loans and gets paid on those prices, the suit claims

SEC moves to make electronic delivery the default for investor disclosures
SEC moves to make electronic delivery the default for investor disclosures

The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.

Trump accounts could encompass every US family, 70 million children, says IRS chief
Trump accounts could encompass every US family, 70 million children, says IRS chief

The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.

Creative Planning bolsters commercial insurance arm with Lovell deal
Creative Planning bolsters commercial insurance arm with Lovell deal

The Kansas-based RIA giant's latest purchase extends a run of specialized acquisitions that has defined its growth strategy through 2026.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income