Morgan Stanley Names Mercer Exec to Run Graystone Wealth Unit
Morgan Stanley Wealth Management has recruited an executive from benefits plan consultant Mercer Global Investments to run Graystone Consulting, the $340 billion-asset business inherited from Smith Barney that creates investment strategies for nonprofits, unions, health plans, family offices for the ultra-rich and small corporations.
He reports to Jim Tracy, a Smith Barney veteran who also runs the firm’s “consulting group” managed account business for institutions.
Morgan Stanley last year subsumed the “institutional” businesses run by Tracy into a broader strategic group overseen by wealth management COO Jed Finn that aims to expand benefit plan services for large and emerging technology companies as a way to source plan beneficiaries as new wealth clients.
Seeding the strategy was Morgan Stanley’s purchase of stock plan administrator Solium Capital for $900 million last year and its pending $26-billion acquisition of discount broker E*Trade Financial, which has a large benefits management business.
Graystone includes about 55 teams with more than 225 Morgan Stanley brokers, many of whom are among the firm’s top producers.
“Jeremy’s hire represents the additional investment and support of our institutional business, and is fully aligned with our broader Morgan Stanley at Work strategy,” according to the memo, which was signed by Tracy, Morgan Stanley Wealth Chief Investment Officer Lisa Shalett and Ben Huneke, head of products and platform for the wealth division.
Shalett’s unit recently hired Tom Williams to run institutional portfolio solutions, a new position aimed at creating investment plans for Graystone’s largest clients, according to the memo. Williams has two decades of experience, most recently as chief investment officer of BlueGreen Capital Management and previously as CIO of Pine Grove Funds, a division of the London-based hedge fund Man Group.
He will report jointly to Shalett and to Alper Daglioglu, head of portfolio and investment manager solutions, according to the memo. Williams will directly oversee Brian Mulley, head of custom solutions advisory, Suzanne Lindquist, head of custom solutions in the chief investment office, Adam Liebman, head of multi-family office solutions and Maredith Hannon, head of institutional relationship and prospect management.
Bob Mandel, who runs business and team development for Graystone, reports to France, as does Michael DiBiasio, head of strategy and business management, according to the memo.
In a companion role to Williams, Jodie Gunzberg will expand her functions to become chief investment strategist for institutional wealth clients, creating Graystone-specific model portfolios for 401(k) plans and other vehicles, the memo said. She joined in 2019 as head of Graystone’s investment division from S&P Dow Jones Indices.
A Morgan Stanley spokeswoman confirmed the contents of the memo.