Morgan Stanley has shifted several E-Trade senior executives to its wealth management leadership team, according to an internal company memo shared with ThinkAdvisor on Wednesday.
The news follows CEO James Gorman's recent unveiling of his biggest leadership shakeup in more than a decade, positioning a small group of lieutenants — two in particular — as his most likely successors: Ted Pick, architect of Morgan Stanley's trading revival, and Andy Saperstein, who built the company into a wealth management powerhouse, were tapped as co-presidents.
Morgan Stanley's $13 billion acquisition of E-Trade was finalized in October.
"This is a really exciting time for our business as we enter the next phase of our growth," Saperstein said in the memo on Wednesday. "By joining forces with" E-Trade, Morgan Stanley has "established a dominant position" in the advisor, workplace and direct channels and "we're poised to continue leading and reshaping our industry," he said.
Noting that he has gotten to know his new colleagues from E-Trade over the last year, he said: "It's clear that our values are aligned as we've worked closely together to make the combination successful. As we move forward as one unified team, it's critical that we continue to learn from each other and leverage the full set of skills and experiences across the organization."
To that end, the company decided to add several senior executives from E-Trade "onto the broader Wealth Management leadership team" at Morgan Stanley, Saperstein explained, adding: "Together, we will work to ensure the ongoing success of our organization."
Chad Turner is shifting from his role as E-Trade CFO to lead the Digital Direct business and will report to Saperstein, according to the memo.
