Abhitesh
Andy Saperstein, co-president of Morgan Stanley, has been diagnosed with cancer. He wants to keep working while he starts treatment.
He told his workers in a message on Tuesday, “I’m young and in good health in other ways.” “That makes me feel very good about starting treatment so I can get better from my illness and put it all behind me.” During my treatment, I may not be able to travel as much, but I still plan to keep working hard to make sure Morgan Stanley stays on our great path forward.
Saperstein was one of three people who were in the running to replace former CEO James Gorman. In the end, Ted Pick got the job last month. The two men who didn’t get the top job agreed to stay on, which is unusual for Wall Street. Dan Simkowitz took over as co-president and led the investment banking and trading division, replacing Pick, and Saperstein took over the firm’s asset management business in addition to his role as head of wealth management.
These two sectors have grown a lot in the last ten years and brought in about 57% of the company’s income in the first nine months of this year. They are in charge of $6.2 trillion in client funds. Morgan Stanley in New York named Jed Finn head of the company’s $4.8 trillion wealth-management business on Monday. This means that Finn is in charge of the business that brings in the most money for the company.
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Saperstein was in charge of growing the company’s wealth management business. Over the past 30 years, Saperstein has worked for Gorman at three different companies. He started with the consulting giant McKinsey & Co. and then joined Gorman at Merrill Lynch and then Morgan Stanley, where they completely redesigned the high-end investment bank.
