Morgan Stanley Smith Barney made two major appointments to its U.S. private wealth unit.
The firm appointed Managing Director Douglas J. Ketterer head of Morgan Stanley Private Wealth Management in the United States. It also announced the appointment of Managing Director James J. Tracy as chief operating officer of distribution and development, for its U.S. wealth management unit.
His responsibilities will include business development, professional development, talent management and national branch services.
The private wealth unit serves ultra-high net worth clients through a network of 300 private wealth advisors.
Both Ketterer and Tracy will report to Andy Saperstein, the head of wealth management in the United States, according to the company’s website.
Tracy was head of the Morgan Stanley Smith Barney's consulting group, which focuses on investment consulting and managed money services. Before that, he led national sales, professional development, marketing and recruiting for Citigroup's [C] global wealth management division, including the former Smith Barney.
He began his career as a financial advisor, and has served as a sales manager, branch manager and regional director.
Ketterer was chief operating officer of U.S. wealth management for Morgan Stanley Smith Barney. He joined Morgan Stanley [MS] in 1990 in the corporate finance area, and later worked on the origination side of investment banking, as well as in product development and strategic planning for Morgan Stanley Investment Management. He also led the products goup for Morgan Stanley's global wealth management prior to formation of the Morgan Stanley Smith Barney.