Morgan Stanley Smith Barney is combining two of its franchises to form one new investment products and services division set to be led by executive Andy Saperstein.
The organizational change comes as Paul Hatch, who most recently served as head of investment strategy and client solutions, will retire from the firm at the end of the year to pursue undisclosed entrepreneurial endeavors.
The changes were announced on Monday in an internal memo sent by Gregory Fleming, president of global wealth management, that was addressed to all Morgan Stanley Smith Barney employees.
Morgan Stanley will combine two of its franchises—Investment Strategy and Client Solutions and MSSB Capital Markets—to create a new organization named Investment Products and Services.
Andy Saperstein has been named head of the Investment Products and Services organization. Michael Armstrong, who serves as head of MSSB Capital Markets, and the new organization’s management team will report to Saperstein. Saperstein reports to Fleming.
Doug Ketterer has been named head of U.S. Field Management and will now serve on the firm’s Executive Committee. Ketterer will continue to manage the U.S. Private Wealth Management business. He also reports to Fleming.
Division directors Doug Kentfield, Bill McMahon and Rick Skae, who now report to Ketterer, will also join the Executive Committee.
“This new organizational structure will help facilitate easier access for our [financial advisors] to a complete range of investment products and services which they can tailor to the unique needs of every client,” Fleming said in the announcement.
At the same time, Hatch is retiring to pursue undisclosed entrepreneurial endeavors, according to the memo, and will serve as vice chairman working on various projects through the end of the year.
“[Paul] was instrumental in integrating the two legacy firms and has been a true culture carrier for MSSB,” Fleming said in the memo. “We will look for opportunities to continue to work with him as he pursues his entrepreneurial interests.”