Morgan Stanley Wealth hires ex-Merrill strategist Lisa Shalett: sources
NEW YORK (Reuters) - Lisa Shalett, the former chief investment officer of Merrill Lynch's global wealth management division, will be joining Morgan Stanley (MS.N) later this year, two sources said on Thursday.
Shalett, who oversaw about 150 analysts who devised customized and general investment strategies for Merrill's wealthy retail clients around the world, will be a member of Morgan Stanley's global investment committee and report to Michael Wilson, the firm's chief investment officer.
She is still negotiating her specific role, the sources said.
Calls to Shalett were not returned. Morgan Stanley declined to comment.
One of the highest-ranking women in wealth management on Wall Street, Shalett left Merrill in February, about 17 months after it forced out Global Wealth Management head Sallie Krawcheck.
Both women had previously served as chief executive officer of Sanford C. Bernstein LLC, running its equities research, sales and trading areas. Shalett, who had been with Bernstein since 1994, for a time oversaw the broker and asset management firm's global growth equities unit.
Merrill in May said it had hired Ashvin Chhabra to replace Shalett. Chhabra had previously managed the endowment funds of the Institute for Advanced Study in Princeton, New Jersey.
(Reporting by Jed Horowitz and Lauren Young; editing by Matthew Lewis)
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