Morgan Stanley on Wednesday named Eric Benedict, an 18-12 months veteran of the brokerage company, to run its U.S. non-public prosperity management organization for customers with $20 million or much more to commit. Benedict most just lately ran Morgan Stanley Prosperity Management's cash marketplaces unit, which seeks advanced investments, buying and selling and cash-raising techniques for wealthy households and individual clients. The center-marketplace capital marketplaces group that he led was moved to wealth administration from Morgan Stanley's institutional business previous year. Benedict replaces Doug Ketterer, who was promoted in February to oversee technique and consumer management in the prosperity management division. Benedict stories jointly to Ketterer and Shelley O'Connor, who was promoted to operate the firm's much-flung retail brokerage network before this yr. Morgan Stanley is the world's biggest retail brokerage organization, as measured by its far more than 17,000 brokers. It and other large brokerage corporations have progressively incentivized their brokers to operate only with clientele who have $250,000 or a lot more to make investments. "Morgan Stanley has a long custom of providing differentiated provider to ultra large net really worth consumers and households," prosperity administration head Greg Fleming wrote in a memo Wednesday to workers. "Beneath Eric's management we intend to intensify our emphasis on this critical client phase." Benedict's function as head of money markets revenue and solution administration has been assumed by Vince Lumia. A former broker who joined Morgan Stanley in 1999, Lumia most just lately has labored underneath Benedict in cash markets. He reports to Andy Saperstein, head of U.S. investment decision merchandise and companies.
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