Morgan Stanley Smith Barney has revamped the leadership structure for its wealth management business, according to an internal memo sent by the firm’s global wealth management President Greg Fleming.
The moves come as MSSB approaches its two-year anniversary of the inception of its business after Smith Barney was purchased from Citigroup, Fleming notes in his letter. It also comes after Fleming was named to his role in January, replacing Charlie Johnston.
MSSB has disclosed plans to streamline its ranks in other ways. News emerged in March that MSSB planned to lay off 200 to 300 low producers and trainees from its wealth management ranks. Those cuts could bring the firm’s financial advisor head count to an estimated 17,800.
According to Fleming’s announcement, Jeff Hack joins MSSB as chief operating officer, a role which will also include leading the firm’s technology and operations integration and global risk management. Hack was previously a chief operating officer of the worldwide securities services business at J.P. Morgan Chase. Hack has also served for 10 years at Smith Barney in positions including chief financial officer and chief operating officer.
Craig Pfeiffer has been appointed vice chairman at MSSB after serving as head of marketing and the client experience. In his new role, Pfeiffer together with vice chairman Ray Harris, will act as senior management to branch financial advisors and managers and also lead other initiatives.
Ben Huneke has been named head of MSSB strategy and business management and will also serve as a senior liaison to the MSSB’s international business, Morgan Stanley’s institutional business and MSSB and corporate functions for MSSB. He previously served as head of office of business management for the U.S. wealth management business.
Michael Armstrong will now focus solely on his role as head of capital markets.
Paul Hatch, who serves as head of investment strategy and solutions, will now head a combined organization called Investment Strategy and Client Solutions. Hatch now has responsibility for corporate equity solutions, retirement services and wealth advisory resources.
Michelle Oroschakoff now takes on the role of chief global risk officer after previously serving as chief administrative officer.