Morgan Stanley’s long-time banker and specialist in asset management deals, David Heaton, has been moved to its wealth management business in the role of senior relationship manager.
In his new role, Heaton will aim at generating more leads for the firm’s multitude of financial advisers, reported Reuters.
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Heaton joined his twin, Eric Heaton in the wealth management unit and both brothers will report to the unit’s head, Greg Fleming.
Fleming said the firm has a "strategic lead management" group that is responsible for handling client referrals between various parts of Morgan Stanley. The group reports to both Fleming and Colm Kelleher, the president of Institutional Securities.
"David Heaton would use his contacts with asset management firms and hedge funds to help identify products that Morgan Stanley’s brokers may want to sell to clients," Fleming added.
Prior to joining Morgan Stanley in 2010, Heaton worked at Deutsche Bank and he started his career at Merrill Lynch.
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By GlobalDataOn 19 April 2013, Morgan Stanley wealth Management unit’s net revenue for the quarter was US$3.5 billion compared with US$3.3 billion in the corresponding quarter a year ago. The unit’s asset management fee revenues of US$1.9 billion increased 8% from last year’s first quarter, primarily reflecting an increase in fee based assets and positive flows.
