Morgan Stanley chief executive James Gorman named longtime deputies Ted Pick and Andy Saperstein as co-presidents — setting up a race to succeed him at the helm of the Wall Street giant.
Pick, 52, will continue to lead institutional securities but will also be promoted to oversee Morgan Stanley’s international operations as co-head of firm strategy and execution. Saperstein, 54, runs the company’s wealth management division and will now assume responsibility for global marketing.
Both men have been critical in Morgan Stanley’s comeback after the financial crisis — with Pick building up the company’s stock trading business and Saperstein transforming the firm’s wealth management division over the last decade.
“The management appointments announced today reflect the next generation of leadership at Morgan Stanley,” Gorman said in a statement. “Ted Pick and Andy Saperstein lead our two largest businesses and have both played critical roles in our success.”
The announcement comes after a banner year for the bank as the stock more than doubled — jumping from $41 a share a year ago to more than $86 a share today. Over the last year, the bank also closed on acquisitions of popular trading platform E*Trade as well as investment company Eaton