NEW YORK (Reuters) - Morgan Stanley has moved three executives into new roles in wealth management and institutional securities as part of its effort to get those two businesses to produce more revenue by collaborating, according to an internal memo viewed by Reuters.
Andy Saperstein, head of investment products and services in the wealth management business, will become co-chief operating officer of institutional securities, according to the memo sent by Chief Executive James Gorman.
Raj Dhanda, currently co-head of global capital markets, will take over Saperstein’s role, and Mo Assomull, now co-COO of institutional securities, will take over Dhanda’s current role.
Gorman said the moves reflect Morgan Stanley “cross-pollinating key leaders across our major businesses” to build one cohesive culture.
Since buying the Smith Barney business from Citigroup Inc, Morgan Stanley has been trying to squeeze more revenue out of its two major businesses by getting wealth clients to use investment banking and trading services, and vice versa. It has also been using deposits from wealth clients to make loans across both wealth management and investment banking.
In a separate memo, Gorman said Morgan Stanley is also adding three executives to two internal business committees.
Clare Woodman, the other co-COO of institutional securities, will join the operating committee, while Mandell Crawley, who is head of marketing, and Kathleen McCabe, head of investor relations, will join the management committee.
The memos were confirmed by a spokesman.
Reporting by Lauren Tara LaCapra; Editing by Chizu Nomiyama and Gunna Dickson