Morgan Stanley is shaking up the executive ranks.

The wirehouse named Eric Benedict to head its private wealth management business, and Vince Lumia head of capital markets, according to internal memos sent this week. Benedict, an 18-year industry veteran, and previously head of capital markets, will report jointly to Shelley O'Connor and Doug Ketterer. O’Connor is head of field management. Ketterer heads strategy and client management.

"Morgan Stanley has a long tradition of delivering differentiated service to ultra-high net worth clients and families.  Under Eric's leadership we intend to intensify our focus on this critical client segment through a variety of initiatives that will help advisors fully leverage the resources of Morgan Stanley," Gregory Fleming, president of wealth management, said in one of the memos.

Lumia has been with Morgan since 1999. He started with the firm as a financial advisor, and was most recently head of capital markets sales and product management.

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