Morgan Stanley shuffles leadership in wealth unit

Morgan Stanley is shifting top executives at the wealth-management and capital-markets units to give the firm's leadership broader experience with its main businesses. Raj Dhanda, who was co-head of global capital markets, will lead investment products and services in wealth management, the New York-based company said Thursday in a memo to employees obtained by Bloomberg News. Mo Assomull, who was co-chief operating officer of the institutional securities group, will take Mr. Dhanda's old job, according to the memo, which was confirmed by a spokesman for the bank. (More: Morgan Stanley sues former broker, now at Ameriprise, over recruiting hijinks) Andy Saperstein, who was head of investment products and services, will become co-chief operating officer of the institutional securities group. The bank also said that Clare Woodman, also co-chief operating officer of ISG, will join the operating committee. “Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture and enhances our ability to deliver the entire firm for the benefit of our clients,” Chief Executive Officer James Gorman said in the memo. “It is critical that we continue to build our senior leadership team.”