Morgan Stanley has recently appointed Jed Finn as the new head of its $4.8 trillion wealth management business, giving him oversight of the biggest revenue generator at the firm. Finn, a close associate of co-president Andy Saperstein since joining the company in 2011, has been given this role as part of Saperstein’s recent revamp of his leadership team for the investment bank’s money management divisions.
In addition to Finn’s appointment, Jacques Chappuis and Ben Huneke have been named as co-heads of investment management. Both Chappuis and Huneke will report to Saperstein, according to an internal memo seen by Bloomberg News.
Saperstein now oversees both wealth and investment management after being given this responsibility as part of the executive shuffle that saw Ted Pick appointed as Morgan Stanley’s next CEO. These 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.
Finn has held several leadership roles in his 12 years at Morgan Stanley. A dual citizen of Canada and the U.S., he majored in economics and computer science at McGill University in Montreal. Prior to joining Morgan Stanley, Finn worked at McKinsey & Co., where 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