Morgan Stanley (MS:US) named Eric Benedict to lead the brokerage business that caters to the firm’s wealthiest clients.
Benedict will oversee the U.S. private wealth-management unit, filling a role held by Doug Ketterer, who was named to head strategy and client management earlier this year, according to an internal memo today. Vince Lumia will replace Benedict as head of capital markets for the brokerage, according to a separate memo.
Benedict will report to Ketterer and Shelley O’Connor, head of field management, according to the memo. Christine Jockle, a spokeswoman for New York-based Morgan Stanley, confirmed the memos’ contents.
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