With plans to expand its hold in the Southwest region, Morgan Stanley Private Wealth Management has named Leerink Swann wealth management head Devon Baranski to the post of regional manager for the Southwest, according to an internal firm memo obtained by On Wall Street.
The memo, which was sent by Morgan Stanley Private Wealth Management U.S. head Doug Ketterer on Thursday, said Baranski will work to boost the firm’s ultra high net worth business in the Southwest in his new role. Baranski is scheduled to join Morgan Stanley in the first week of August. He will be based in the firm’s Los Angeles office and report to Ketterer.
The appointment comes as “the Southwest region represents one of the largest growth opportunities for Morgan Stanley Private Wealth Management,” Ketterer said in the memo. That is because of continued growth of households with $10 million or more in the region, particularly in California, he said, with no one firm holding a significant market share.
Morgan Stanley Private Wealth Management is a division of Morgan Stanley Smith Barney that targets ultra high net worth clients including individuals, families and foundations.
Baranski comes to Morgan Stanley from Leerink Swann, where he was head of wealth management. Before that, Baranski served at Merrill Lynch, where he led the western region of the firm’s Private Banking and Investment Group and also opened the first Los Angeles office for that group in 2001.
“Devon’s strong background and wide range of experience in the ultra high net worth segment make him uniquely qualified for this role,” Ketterer said in the memo.