Morgan Stanley (NYSE: MS) Smith Barney has made two appointments to its wealth management division today, including Douglas J. Ketterer as its new head of Morgan Stanley Private Wealth Management in the United States and the appointment of James J. Tracy as chief operating officer of distribution and development, for its U.S. wealth management unit.
Tracy will be responsible for business development, professional development, talent management and national branch services. Tracy was previously head of Smith Barney’s consulting group, which focused on managed money services and investment consulting. Previously, he led national sales, professional development, marketing and recruiting for Citigroup’s global wealth management division.
Ketter previously served as the COO for Morgan Stanley (NYSE: MS) Smith Barney’s wealth management unit. He joined the company in 1990 in corporate finance and later worked on the origination aspect of investment banking as well as in product development and strategic planning for Morgan Stanley (NYSE: MS) Investment Management. He also led the products group for Morgan Stanley (NYSE: MS)’s global wealth management prior to the formation of Morgan Stanley (NYSE: MS) Smith Barney with Citigroup.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. In May 2010, Invesco Ltd. acquired the Company’s retail asset management business. During the year ended December 31, 2009, it disposed its former real estate subsidiary, Crescent Real Estate Equities Limited Partnership. On May 31, 2009, the Company and Citigroup Inc. (Citi) consummated the combination of the Company’s Global Wealth Management Group and the businesses of Citi’s Smith Barney in the United States, Quilter in the United Kingdom and Smith Barney Australia. The combined businesses operate as Morgan Stanley Smith Barney Holdings LLC.
Shares of Morgan Stanley (NYSE: MS) traded down 0.77% hitting $24.59 on Tuesday.
