Morgan Stanley taps Jed Finn to run wealth business

Morgan Stanley named Jed Finn head of the company’s $4.8 trillion wealth management business, giving him oversight of the biggest revenue generator at the firm. 

The move is part of co-president Andy Saperstein’s revamp of his leadership team for the investment bank’s money management divisions. Finn, 45, has been a close lieutenant of Saperstein’s since joining the firm in 2011.

Jacques Chappuis, 54, and Ben Huneke, 51, will become co-heads of investment management, also reporting to Saperstein, according to an internal memo seen by Bloomberg News. Chappuis is currently global head of distribution and co-head of the solutions and multi-asset group. Huneke is head of the investment solutions group.

Saperstein was given oversight of both wealth and investment management as part of the executive shuffle that saw Ted Pick appointed as Morgan Stanley’s next chief executive. Those two divisions have grown significantly over the past decade and produced roughly 57% of the firm’s revenue in the first nine months of this year. They manage a total of $6.2 trillion in client assets.

Finn has held several leadership roles in past 12 years. A dual citizen of Canada and the U.S., he majored in economics and computer science at McGill University in Montreal.

Finn, like Saperstein and CEO James Gorman, was previously an executive at McKinsey & Co. He was closely involved in helping integrate the Smith Barney brokerage business that Morgan Stanley purchased from Citigroup Inc.

More recently, Finn and Saperstein sealed a deal to buy Solium Capital, a software venture that manages employee stock options. The acquisition, initially viewed with skepticism for its high price, is now seen inside the bank as a success, helping keep entrepreneurs in private companies and executives in public companies within Morgan Stanley’s wealth management ecosystem.

[More: Morgan Stanley CEO contenders pocketed $20M special bonuses]