Morgan Stanley Wealth Management Exec Has Cancer

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

By Niket Nishant

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.

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