Morgan Stanley Wealth Management Exec Has Cancer

He told the staff in a memo that he will limit travel but intends to keep working.

|

Morgan Stanley co-President Andy Saperstein has been diagnosed with cancer, he wrote in an internal memo seen by Reuters on Tuesday, Nov. 21.

In the email to staff, Saperstein, 56, said the news have been a shock. “I’m young and in otherwise good health…. That gives me great confidence as I begin the process of starting treatment so I can recover from this illness and put it all behind me”.

He also told staff he will limit travel, but plans to continue working.

Saperstein, co-president that heads wealth and investment management, was considered to succeed CEO James Gorman earlier this year.

Meanwhile, on Monday, Nov. 20, Reuters saw an internal memo that Morgan Stanley has named Jed Finn as the head of its wealth management unit.

Finn, currently the chief operating officer of the division, joined the investment bank in 2011 and has held several leadership roles in the business, the memo said.

The appointment, effective Jan. 1, comes weeks after the bank named Ted Pick as its new chief executive officer. The other two contenders for the top job were Saperstein and Dan Simkowitz. Both were given expanded roles.

This article was provided by Reuters.

Latest News

See all >>

N.J. Is Changing Who Has to Pay the ‘Mansion Tax’

The new state budget also increases the tax, but not as much as the governor wanted.

GoFundMe Launches Charitable Giving Funds with Vanguard, BlackRock

GoFundMe has 200 million users and could broaden the appeal of donor-advised funds for charitable giving — and centralize giving.

Warren Buffett Donates Record $6 Billion Berkshire Shares

The latest donation boosts his overall giving to charities to well over $60 billion.

BlackRock Looks to Expand Private Markets to Retirement Plans

The plans reportedly will include a 5% to 20% allocation to private assets, depending on the investor's age.

Capital Group Boosts Retirement Plan Service With Advisor-Focused Upgrades

 RecordkeeperDirect additions include “fund flexibility” offering investments from other fund families.

Firms Need to Get Back to the Basics of Organic Growth, Report Urges

Some that use artificial intelligence for prospecting are reporting huge gains in lead generation.