Morgan Stanley Appoints Jed Finn to Head Wealth Business

Morgan Stanley has appointed Jed Finn as the head of its wealth management business, which oversees $4.8 trillion in assets and is the biggest revenue generator for the firm. This recent move is part of co-president Andy Saperstein’s efforts to revamp the leadership team for the investment bank’s money management divisions.

In addition to Finn’s new role, Jacques Chappuis and Ben Huneke have been named co-heads of investment management, reporting directly to Saperstein. Chappuis is currently global head of distribution and co-head of the solutions and multi-asset group, while Huneke is head of the investment solutions group.

Saperstein was given oversight of both wealth and investment management as part of an executive shuffle that saw Ted Pick appointed as Morgan Stanley’s next chief executive. These two divisions have shown significant growth over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year, managing a total of $6.2 trillion in client assets.

Finn, who is a dual citizen of Canada and the U.S., has held several leadership roles in his 12 years at Morgan Stanley. He majored in economics and computer science at McGill University in Montreal and was previously an executive at McKinsey & Co., along with Saperstein and CEO James Gorman. Finn was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc., as well as sealing a deal to buy Solium Capital, a software venture that manages employee stock options.

The acquisition, initially viewed with skepticism for its high price, is now seen inside the bank as a success, helping keep entrepreneurs within private companies and executives within public companies within Morgan Stanley’s wealth management ecosystem.

In summary, Morgan Stanley has appointed Jed Finn as head of its wealth management business while also naming Jacques Chappuis and Ben Huneke co-heads of investment management. The three executives will report directly to co-president Andy Saperstein who has taken oversight over both wealth and investment management following an executive shuffle that saw Ted Pick become CEO.

These two divisions have shown significant growth over the past decade, producing roughly 57%