Morgan Stanley has appointed Jed Finn as the head of the company’s wealth management business, which oversees $4.8 trillion in assets, making it 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. Finn, 45, has been a close lieutenant of Saperstein’s since joining the firm in 2011.
In addition to Finn’s new role, Jacques Chappuis, 54, and Ben Huneke, 51, will become co-heads of investment management, also reporting 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 the 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 they 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 the past 12 years. He majored in economics and computer science at McGill University in Montreal, and he was previously an executive at McKinsey & Co., along with Saperstein and CEO James Gorman. He was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc.
More recently, Finn and Saperstein sealed 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 in private companies and executives in public companies within Morgan Stanley’s wealth management ecosystem.