NEW YORK (Reuters) - 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 annually.
Additional reporting by Jed Horowitz; Editing by Linda Stern and Steve Orlofsky