Morgan Stanley has announced the appointment of Jed Finn as the new head of its $4.8 trillion wealth management business. Finn will oversee the largest revenue generator at the firm and report directly to co-president Andy Saperstein, who recently restructured his leadership team for the investment bank’s money management divisions.
In addition to Finn, Jacques Chappuis and Ben Huneke have been named co-heads of investment management and will report to Saperstein. The three executives were previously closely associated with each other, having worked together at McKinsey & Co., where they helped integrate Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc.
The move is part of Saperstein’s recent revamp of his leadership team for the wealth and investment management divisions, which 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 past 12 years at Morgan Stanley, including serving as head of global technology for wealth management before joining Saperstein’s private equity division. He is a dual citizen of Canada and the U.S., majored in economics and computer science at McGill University in Montreal, and previously worked at McKinsey & Co., where he was involved in integrating Smith Barney brokerage business into Morgan Stanley.
Recently, Finn and Saperstein sealed a deal to buy Solium Capital, a software venture that manages employee stock options for private companies and public companies alike. The acquisition was initially viewed with skepticism for its high price but is now seen as a success within Morgan Stanley’s wealth management ecosystem, helping keep entrepreneurs within private companies and executives within public companies under their umbrella.