By Lauren Tara LaCapra
Feb 26 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
Doug Ketterer is taking on a new position as head of
strategy and client management, according to a staff memo sent
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.