(Updates with Fleming’s comment in fourth paragraph.)
May 14 (Bloomberg) -- Morgan Stanley named Eric Benedict to lead the brokerage business that caters to the firm’s wealthiest clients.
Benedict will oversee the U.S. private wealth-management unit, filling a role previously held by Doug Ketterer, who was named to head strategy and client management earlier this year, according to an internal memo today from Gregory Fleming, president of wealth management. Vince Lumia will replace Benedict as head of capital markets for the brokerage, according to a separate memo.
Fleming, 51, is shuffling wealth-management leaders after boosting the unit’s targets for margins following its most profitable year. New York-based Morgan Stanley doubled the size of its brokerage through a joint venture with Citigroup Inc. in 2009 and bought that bank’s remaining stake in the business last year.
Benedict’s “passion and focus now will meaningfully benefit those advisers who work frequently with ultra high-net- worth clients,” Fleming said in the memo.
Christine Jockle, a spokeswoman for the bank, confirmed the memos’ contents.
Benedict, who has worked at Morgan Stanley for 18 years, will report to Ketterer and Shelley O’Connor, head of field management, according to the memo. Lumia, currently in charge of capital markets sales and product management, joined the firm in 1999. He’ll report to Andy Saperstein, 47, who oversees the brokerage’s investment products and services unit.
Private-wealth management typically deals with clients who have a net worth of at least $20 million.