Morgan Stanley's Wealth-Management Strategy Head Retires -- Update

By Justin Baer and Michael Wursthorn 

Morgan Stanley told its employees that Doug Ketterer, head of strategy at the firm's wealth-management division, will retire, people familiar with the matter said.

Mr. Ketterer had previously overseen the firm's force of financial advisers, the industry's largest. He moved into the strategy role a year ago after ceding his prior post as head of field management to Shelley O'Connor.

Mr. Ketterer had informed management several months ago that he was ready to leave the firm to pursue other interests, the people said. Morgan Stanley hasn't announced a replacement for Mr. Ketterer, who had reported to Greg Fleming, president of the firm's wealth- and investment-management businesses, the people said.

Mr. Ketterer's departure wasn't related to the fallout from a leaked parody video the wealth-management business had created to air during a branch managers' meeting last year, the people said. The firm ultimately chose not to show the video, which was the subject of a news report this week by InvestmentNews.

"After a 25-year career at Morgan Stanley, Doug Ketterer has informed us of his decision to leave the firm," Mr. Fleming wrote Thursday in a memorandum to employees. "Doug has been an important contributor throughout his tenure at the firm and has served as a leader and dedicated culture carrier of Morgan Stanley."

In the memo, Mr. Fleming said the firm would make "additional organizational announcements shortly."

Write to Justin Baer at [e-mail] and Michael Wursthorn at [e-mail]

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