March 5 Morgan Stanley has hired Chris Randazzo to become head of technology for its wealth management and investment management divisions, according to an internal memo viewed by Reuters.
Randazzo had the same role at Morgan Stanley rival Bank of America Corp, and will replace Moira Kilcoyne, who was recently promoted to chief operating officer of Morgan Stanley Wealth Management.
Randazzo will join Morgan Stanley's executive committee, according to the memo, which was sent by Gregory Fleming, who is president of Morgan Stanley's wealth and investment management divisions.
The appointment comes after Morgan Stanley suffered through technological setbacks last year when launching a new platform for financial advisers called 3D. Morgan Stanley has since committed $500 million beyond its basic operating costs to make the 3D system more stable and functional.
Randazzo, who has 19 years of experience in senior technology roles, will take the new position after satisfying gardening leave requirements at Bank of America.