UPDATE 1-Morgan Stanley's wealth unit names three executives to new roles
Feb 26 (Reuters) - Morgan Stanley's wealth management unit has named three executives to new roles as part of its strategy to sell more products to clients and increase its loan book.
Doug Ketterer is taking on a new position as head of strategy and client management, according to a staff memo sent on Wednesday.
In that role, Ketterer will work to improve the way Morgan Stanley Wealth Management deals with different sets of clients with unique needs, ranging from individuals to corporations. The goal is to retain existing clients by offering them more tailored products and services, and also attract more business.
Greg Fleming, who runs Morgan Stanley Wealth Management, said in the memo that he expects Ketterer to make more announcements about staff changes.
Ketterer has had many roles across Morgan Stanley's institutional securities, asset management and wealth management businesses since joining the company in 1990. Most recently he oversaw the wealth unit's sales force of 16,456 financial advisers as head of field management.
Shelley O'Connor, who is now head of the private banking group, will take over that role. O'Connor started her career as an administrative assistant in a Morgan Stanley brokerage office in 1984, and has worked her way up the ranks to increasingly senior roles since then.
Most recently, O'Connor was in charge of the private banking group, which is the focal point of Morgan Stanley's plans to lend more of its deposits to generate higher profits.
Eric Heaton will succeed her in that role. Heaton, an investment banker for most of his career, joined Morgan Stanley in 2012 and has recently been working on its initiatives to increase lending and cross-selling between the wealth and institutional securities businesses.
In his new role, Heaton will now report directly to Fleming, as do Ketterer and O'Connor.