Morgan Stanley has appointed Elizabeth Dennis as its new head of private wealth management following a reshuffle within the group’s senior ranks.
Dennis is taking over the role, which includes oversight of both its private and international wealth management businesses, from Mandell Crawley who has been appointed the firm’s chief human resources officer, according to internal memos seen by Citywire Americas.
Dennis has been with Morgan Stanley for 19 years and will also retain her responsibilities as head of strategic client management (SCM), a role which involves promoting the firm’s investment banking and capital market capabilities to its wealth management clients.
‘Liz has broad experience in Global and Wealth Management Capital Markets and in managing SCM she has worked closely with both Private Wealth Management and International Wealth Management over a number of years. I am confident that she will build on the existing momentum across this broader portfolio of businesses and responsibilities,’ wrote Vince Lumia, the group’s head of field management, in a memo announcing her appointment.
Morgan Stanley decided to combine its international wealth management (IWM) and private wealth management (PWM) businesses back in March 2019 following the exit of Colbert Narcisse, the head of IWM, to TIAA.
As a result, the group appointed Ileana Musa and Greg Gatesman co-heads of international wealth management who going forward would report to Crawley, head of private wealth management and overall leader of the new structure.
You can learn more about Morgan Stanley’s $160bn international wealth business by reading the Citywire Americas cover star profiles of Musa and Gatesman here.
Crawley, who has spent 28 years at Morgan Stanley, is replacing Jeff Brodsky as the firm’s human resources head from February 1 after Brodsky was named vice chairman of Morgan Stanley.
In this new role, Brodsky will work as a senior advisor to CEO James Gorman, according to a memo penned by Gorman.
‘Becoming a vice chairman will free [Brodsky] to focus on strategic issues related to executive talent, succession, and diversity and inclusion, advising me and the Board on these important issues,’ wrote Gorman.
Gorman added that Brodsky will continue to lead the group’s Covid-19 response alongside Rob Rooney and will also continue his work on the integration of new employees from its recent acquisitions of E*TRADE and Eaton Vance.
A company spokesperson confirmed all the appointments.