Morgan Stanley has picked Shelley OConnor to lead its brokerage division, which counts as the worlds largest. OConnor is taking the place of Doug Ketterer, who will now serve as head of strategy and client management.
Eric Heaton will succeed OConnor as head of the private banking group, according to a private memo from Greg Fleming, president of wealth management for Morgan Stanley, to the brokerages employees.
The 53-year old OConnor will supervise Morgan Stanleys 16,456 advisers and 649 branches as head of field management. She will also lead the units three geographic regions and private-wealth business.
Given the breadth of her experience and proven ability to execute strategies focused on clients and advisers, she is ideally suited to lead the field, Fleming wrote in the memo.
Morgan Stanley doubled the size of its brokerage via a joint venture with Citigroup in 2009.
