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Morgan Stanley names new marketing chief and adds new wealth division leadership from E-Trade (MS)

Published by Business Insider on Thu, 10 Jun 2021


<p><img src="https://static1.businessinsider.com/image/60c10cf3b50ed500185e3e72-2400/2016-06-13t000000z_1085755702_d1aetjsminab_rtrmadp_3_wealth-summit.jpg" border="0" alt="Andy Saperstein, the head of Morgan Stanley Wealth Management." data-mce-source="REUTERS/Brendan McDermid" data-mce-caption="Andy Saperstein, the head of Morgan Stanley Wealth Management."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Morgan Stanley has added several E-Trade executives to its sprawling wealth management division's leadership team and recently named a new chief marketing officer for the firm, according to a memo <a href="https://www.businessinsider.com/morgan-stanley-ceo-james-gorman-memo-leadership-changes-saperstein-pick-2021-5">co-president Andy Saperstein</a> sent to employees on Wednesday.</p><p>The New York investment bank has been <a href="https://www.businessinsider.com/why-morgan-stanley-is-buying-e-trade-for-13-billion-2020-2">in the process of meshing E-Trade</a> and its $4.2 trillion wealth management business at a moment when retail investors, who have long flocked to E-Trade as a do-it-yourself trading platform, are <a href="https://www.businessinsider.com/millennials-investing-covid-pandemic-new-easy-apps-2020-9">flooding the markets</a>. Morgan Stanley closed on its acquisition of the brokerage last October.</p><p>Alice Milligan, who was previously E-Trade's chief customer officer, was recently named Morgan Stanley's chief marketing officer, Saperstein said in the memo. She takes the reins from Audrey Choi, who has run both marketing and sustainability for Morgan Stanley. Choi will now focus on her role as chief sustainability officer.&nbsp;</p><p>Chad Turner, a longtime E-Trade executive who was most recently the company's chief financial officer, will now lead the digital direct business. Mike Curcio, who has run E-Trade's self-directed brokerage, will take a newly created role where he will set the long-term strategic development of the combined business.</p><p>Turner and Curcio will report to Saperstein. Brett Goodman, who previously led strategy, communications, and investor relations at E-Trade, will report to Curcio as they build a strategic transformation team. &nbsp;</p><p>Andrea Zaretsky, who previously ran marketing at E-Trade, will now be chief marketing officer for Morgan Stanley Wealth Management, which includes E-Trade's marketing efforts. Zaretsky will report to Saperstein.</p><p>Saperstein noted other changes. Mike Murphy, who previously led E-Trade's brokerage service, is now head of digital direct client service. Chris Larkin, head of trading; Erik Jepson, head of digital client experience and platforms; and Shane Mulron, head of business control and support, as well as Murphy will all report to Turner.</p><p>A spokesperson confirmed the contents of the memo. Saperstein, <a href="https://www.businessinsider.com/morgan-stanley-ceo-james-gorman-memo-leadership-changes-saperstein-pick-2021-5">who last month was named co-president and continues running wealth management</a>, also noted the firm will be holding an internal town hall next week, where he is set to lay out more details on strategy.</p><p>The brokerage has brought a wave of traders to Morgan Stanley, which historically has not catered to small investors in the same way it oversees the financial lives of the very wealthy.</p><p>Jon Pruzan, formerly chief financial officer who was named last month as chief operating officer, said in April during a call to discuss first-quarter earnings that E-Trade's daily average trades had hit 1.6 million, a record high.&nbsp;</p><p>"E-Trade, and particularly the strength of the self-directed channel, has exceeded our expectations," Morgan Stanley Chief Executive James Gorman said during the call, adding the firm was adding "new clients at a record pace."&nbsp;</p><p><a href="https://www.businessinsider.com/morgan-stanley-shuffles-wealth-leadership-names-new-cmo-memo-2021-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/scorpion-venom-most-expensive-liquid-in-the-world-2018-8">Why scorpion venom is the most expensive liquid in the world</a></p>
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