Morgan Stanley (MS) has promoted its head of institutional securities, Colm Kelleher, to president, prompting Greg Fleming, the head of wealth management, to leave the bank.
Kelleher will also take on Fleming’s role overseeing wealth management, according to a memo on Wednesday reviewed by Reuters.
In the memo, Morgan’s chief executive, James Gorman, said Fleming had decided to leave to “pursue other opportunities.”
In addition, Shelley O’Connor and Andy Saperstein have been appointed as the new co-heads of Wealth Management, reporting directly to Kelleher.
Fleming, who joined Morgan Stanley in 2009, was widely seen as an heir apparent to Gorman. He helped grow Morgan Stanley’s wealth management arm into an operation that generated nearly half of the firm’s revenue as it shifted away from trading to more stable earnings. Fleming also steered the bank through its merger with Citigroup Inc’s Smith Barney brokerage.
Fleming was president and chief operating officer at Merrill Lynch from June 2007 to early 2009.