Bloomberg | | Posted by Singh Rahul Sunilkumar
Morgan Stanley Co-President Andy Saperstein has been recognized with most cancers and plans to maintain working as he begins to obtain therapy.
“I’m younger and in in any other case good well being,” Saperstein, 56, mentioned in a memo to workers Tuesday. “That offers me nice confidence as I start the method of beginning therapy so I can recuperate from this sickness and put all of it behind me. While my journey could also be restricted in the course of the interval of my therapy, I plan to proceed working to verify Morgan Stanley stays on our nice path ahead.”
Saperstein was one in all three candidates to take over for outgoing Chief Executive Officer James Gorman, a job that finally went to Ted Pick final month. In a uncommon transfer for Wall Street, the 2 males who missed out on the highest job agreed to remain on, with Dan Simkowitz changing Pick as co-president main the investment-banking and buying and selling division and Saperstein gaining oversight of the agency’s asset-management enterprise along with his position main wealth administration.
Those two divisions have grown considerably over the previous decade and produced roughly 57% of the agency’s income within the first 9 months of this yr. They handle a complete of $6.2 trillion in consumer belongings. On Monday, New York-based Morgan Stanley named Jed Finn head of the corporate’s $4.8 trillion wealth-management enterprise, giving him oversight of the most important income generator on the agency.
Saperstein, who was charged with increasing the agency’s wealth-management juggernaut, has labored below Gorman at three corporations throughout three a long time, beginning at consulting big McKinsey & Co. earlier than becoming a member of him at Merrill Lynch after which Morgan Stanley, the place they overhauled the white-shoe funding financial institution.