NEW YORK (Reuters) – Morgan Stanley, the biggest U.S. brokerage firm with more than 16,000 financial advisers, elevated Sara Furber to a new position as head of corporate and institutional wealth management and wealth management strategy, the company said in an internal memo on Tuesday.
Furber, who has been chief operating officer of the wealth division, will run “institutional” businesses within the retail brokerage group, including the division’s stock plan and retirement plan and government entities and corporate cash businesses, the memo said.
She also will oversee the Graystone unit that works with endowments and family offices as well as oversee Morgan Stanley Wealth’s digital platforms and its Client Advisory Center for less affluent customers, the memo said.
The realignment comes in the wake of the departure of long-time executive Doug Ketterer that was announced last Thursday, according to the memo, which was written by Morgan Stanley Wealth head Greg Fleming. Ketterer was head of strategy and client management.
Morgan Stanley named Adam Kudelka to replace Furber as chief operating office of the wealth unit. Kudelka, who runs the human resources area, will be replaced by Larry Frers, who oversees human resources for brokers and managers in the “field,” Morgan Stanley’s system of more than 600 branches.
Furber’s appointment puts two women near the top of the management structure at Morgan Stanley Wealth.
Shelley O’Connor, who has been head of field management since February 2014, adds Ketterer’s responsibilities for international wealth management, global sports and entertainment and the client development group, according to the memo.
O’Connor also now has sole responsibility for Morgan Stanley’s private wealth management unit, which serves clients who keep about $10 million or more with the company.
(Reporting by Jed Horowitz- Editing by Leslie Adler)
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