| NEW YORK
NEW YORK May 14 Morgan Stanley on
Wednesday named Eric Benedict, an 18-year veteran of the
brokerage firm, to run its U.S. private wealth management
business for clients with $20 million or more to invest.
Benedict most recently ran Morgan Stanley Wealth
Management's capital markets unit, which seeks sophisticated
investments, trading and capital-raising strategies for wealthy
families and individual clients. The middle-market capital
markets group that he led was moved to wealth management from
Morgan Stanley's institutional business last year.
Benedict replaces Doug Ketterer, who was promoted in
February to oversee strategy and client management in the wealth
management division. Benedict reports jointly to
Ketterer and Shelley O'Connor, who was promoted to run the
firm's far-flung retail brokerage network earlier this year.
Morgan Stanley is the world's largest retail brokerage firm,
as measured by its more than 17,000 brokers. It and other large
brokerage firms have increasingly incentivized their brokers to
work only with clients who have $250,000 or more to invest.
"Morgan Stanley has a long tradition of delivering
differentiated service to ultra high net worth clients and
families," wealth management head Greg Fleming wrote in a memo
Wednesday to employees. "Under Eric's leadership we intend to
intensify our focus on this critical client segment."
Benedict's role as head of capital markets sales and product
management has been assumed by Vince Lumia. A former broker who
joined Morgan Stanley in 1999, Lumia most recently has worked
under Benedict in capital markets. He reports to Andy
Saperstein, head of U.S. investment products and services.
(Reporting By Jed Horowitz; Editing by Tom Brown)