Greg Fleming was named president of global wealth management at Morgan Stanley Smith Barney, replacing Charlie Johnston. Fleming previously oversaw the firm's asset management business. With this move, he will take over one of the most significant firms in the advisory business. MSSB was formed in January 2009 from the joint venture between wirehouses Morgan Stanley and Smith Barney. Morgan Stanley continues to integrate that joint venture, while also drawing industry comparisons to BofA/Merrill Lynch as the other dominant player in the industry. Johnston, who will become vice chairman of MSSB for the next year, wanted to spend more time with his family and charitable pursuits, according to a company memo. Others noted that his departure marks a decreased role for former Smith Barney management in the joint venture.
Wells Fargo hired David Cooper in Wichita Falls, Texas. He had $107 million in assets and $900,000 in production.
MSSB hired Michael Kidd in Walnut Creek, Calif. Kidd had $305 million in assets and $1.3 million in production.