| NEW YORK, Sept 19
NEW YORK, Sept 19 The managing director and
complex manager for some of Morgan Stanley Wealth Management's
most profitable offices in New York has left after more than 20
years at the company, people familiar with the matter said.
Staff were informed of the departure of the executive,
Michael Marchassalla, at a town hall meeting in Midtown
Manhattan, the people said.
Another executive, John Algeri, who was a service manager at
one of the offices managed by Marchassalla and had been with the
company for 18 years, has also left Morgan Stanley Wealth
Management, they added.
Morgan Stanley Wealth Management spokesman James Wiggins
confirmed the departures and said the two employees had left by
mutual agreement with the firm. Marchassalla's duties will be
divided up between two other complex managers, Wiggins said.
The departures are an isolated occurrence and not part of a
broader restructuring effort, Wiggins said.
Marchassalla, a veteran Smith Barney broker, joined Morgan
Stanley when it began absorbing Smith Barney in 2009. The New
York City branches he ran have a large international clientele,
and Marchassalla was very well regarded, said a recruiter who
asked for anonymity. He estimated that the complexes
Marchassalla oversaw produce revenue of at least $70 million