Morgan Stanley has announced the appointment of Jed Finn as the head of its $4.8 trillion wealth management business, a move that will give him oversight of the bank’s biggest revenue generator. Finn, who is 45 years old, has been a close associate of co-president Andy Saperstein since joining the company in 2011 and is now taking on leadership responsibilities for both wealth and investment management divisions.
In addition to Finn’s appointment, Jacques Chappuis and Ben Huneke have been named co-heads of investment management, reporting directly to Saperstein. Both men have extensive experience in wealth management and investment banking and are expected to help drive growth in these areas for Morgan Stanley.
The move comes as part of a broader revamp of Saperstein’s leadership team for the bank’s money management divisions, which have grown significantly over the past decade and currently manage more than $6.2 trillion in client assets. These two divisions accounted for roughly 57% of Morgan Stanley’s revenue in the first nine months of this year, making them critical drivers of growth for the bank.
Finn has held several leadership roles throughout his career at Morgan Stanley, including serving as head of global technology solutions and chief operating officer for institutional services. He is also a dual citizen of Canada and the U.S., with a degree in economics from McGill University in Montreal and a background in computer science as well.
Before joining Morgan Stanley, Finn worked at McKinsey & Co., where he was closely involved in helping integrate Smith Barney brokerage business that was acquired by Citigroup Inc. More recently, he was part of a deal to buy Solium Capital, a software venture that manages employee stock options, which has been viewed as a success by many within the bank.
Overall, this appointment marks an important moment for Morgan Stanley’s wealth management business and underscores its continued commitment to driving growth in this area while also providing valuable services to its clients through its investment banking division.