In a statement issued on Friday, the global investment bank announced that current wealth management CEO Brendan Goffinet will be returning to the US next month due to “family reasons”, with current head of institutional equities Ian Chambers to assume responsibility for the bank’s 190 adviser-strong wealth team.
“We are disappointed to announce that due to family reasons Brendan Goffinet will be returning to the US over the next month,” the statement said.
“In light of this and with the ongoing integration of our retail business with our wholesale distribution capacity, we have asked Ian Chambers to take on additional responsibility for the Australian wealth business with immediate effect.
“Ian will work with Brendan in transitioning responsibilities and will be based within the wealth business, with both wealth and wholesale businesses reporting to him.”
Mr Chambers will report to Gokul Loroia, Hong Kong-based head of institutional equity and wealth management Asia, a role that will serve as a template for Mr Chambers’ new position.
A Morgan Stanley spokesperson told InvestorDaily the move is reflective of a “global trend to increase integration between wealth management and institutional businesses”.
“We remain one of the few investment banks keen to keep building up our wealth management business,” the spokesperson added.
Mr Chambers commenced his career as a retail broker with EJ Morgan in the 1980s and has taken the institutional equities Australian division’s market share from “zero to eight per cent” in his 15 years at the helm, the spokesperson said.
